Former SEC Chief Walter Named FINRA Public Governor
FINRA announced Thursday that former SEC Chairwoman Elisse Walter has been elected to FINRA’s Board as public governor.
SEC Enforcement: Kansas Charged With Securities Fraud
In another action, a brokerage firm and its founder were charged with violating net capital requirements and falsifying data in an attempt to mislead examiners.
Whistleblowers Abroad Not Protected Under Dodd-Frank, Court Rules
A federal appeals court dismissed a case brought by a whistleblower in China, saying Dodd-Frank's anti-retaliation rules didn't apply overseas.
SEC Fines Linkbrokers $18 Million for Hidden Fees
Linkbrokers Derivatives purported to charge clients very low commission fees, but actually extracted fees that, in some cases, were more than 1,000% greater.
SEC Cracking Down on Wrap Fees; Wins Court Case
The SEC wins a long-running court case on wrap fees, while OCIE letter to RIAs signals the arrangements will be scrutinized in exams.
Fidelity to Pay $12 Million to Settle 401(k) Suits
Fidelity's own employees alleged the mutual fund giant charged excessive fees in the company’s own 401(k) plans.
Can a ‘Fiduciary-Only’ Advisor Take Commissions?
An advisor makes some good points about selling insurance to clients, but are those clients sure their advisor is acting in their best interests?
Don’t Let Government Trample Your Retirement Business: Pawlenty
Think Obamacare is bad? Federal intervention in retirement saving would be an “existential” threat to advisors, ex-governor Tim Pawlenty warns.
Managed Accounts: Next Up for Reform?
The recent GAO report on 401(k) managed accounts raised some pretty serious questions about their worthiness.
SEC, FINRA Enforcement: Reps Sold ETFs They Didn’t Understand
In other enforcement news, the SEC charged an energy firm and a stock promoter with defrauding investors about its oil reserves.