Chairman-Elect Joe Votava Resigns From CFP Board of Directors
Current Chairman Richard Rojeck to assume duties; new chairman to be elected in June to replace Votava.
JPMorgan Profit Rises 12% on Gains From Stock, Bond Trading
The bank boosts earnings on asset management 11% to $502 million, as total assets for the unit hit $1.8 trillion.
Army Vet Posed as Broker to Bilk Soldiers, SEC Says
Leroy Brown Jr., an Army veteran, is accused of luring service members and other investors with false guarantees to double or triple their money.
This Is What the Fiduciary Debate Is Really About
Financial advisors are taking the lives of their clients in their hands. If advisors don’t understand this, they can do a lot of damage.
SIFMA, FSR Urge Passage of Cyber Sharing Bill
CISA would allow businesses and government "to quickly and effectively share critical information about cyber threats while ensuring privacy," the groups say.
FINRA Readies Changes to Communications Rules
FINRA is also taking comments until mid-May on member application rules.
Algorithms Will Make JPMorgan Less Bad
JPMorgan is using algorithms "to identify rogue employees" to minimize costs and maximize ROE (and bonuses). That happens to coincide with regulatory goals.
Enforcement Roundup: Defense Contractor Fined for ‘World Tour’ of Bribery
Meanwhile, FINRA fined Newbridge Securities Corp. for buying and selling corporate bonds at unfair prices.
SEC to RIAs: Beware the Ides of ‘May’
Recent SEC enforcement actions should prompt advisors to review their Form ADV for a potentially dangerous word—“may”—relating to compensation and conflicts of interest.
SEC Panel: 2 Big Problems With Advisor Background Checks
Investors don’t check advisor and rep backgrounds, and the data itself can be problematic.