Galvin Targets Alt Mutual Fund Sales With Exam Sweep
Massachusetts has subpoenaed state-registered advisors on their supervision, compliance and training regarding a host of alt funds.
Cybersecurity ‘Not Owned’ by Compliance but Shared: FINRA Exec
Cybersecurity is “an operational risk issue,” said FINRA’s Daniel Sibears.
Galvin Fines LPL $250K Over False Senior Designation Titles
Since mid-'07, LPL did not establish, maintain, or enforce a procedure to review senior-specific titles for compliance in Massachusetts.
IRS, Treasury Halt Buyouts of Retirees Getting a Pension
The Pension Rights Center applauds the move, calling the buyouts “among the most cynical and dangerous pension abuses we’ve seen.”
IRS, Treasury Close Alt Investment Tax Loophole
Sen. Ron Wyden applauds the move to "bring the hammer down on these basket options once and for all."
Advisor, Race Car Driver Convicted of Bilking NHL Players
A federal jury has convicted an advisor and a part-time race car driver on charges of wire fraud, wire fraud conspiracy and money laundering conspiracy.
Wells Fargo Grabs Morgan Stanley, Merrill Reps as Raymond James Nabs UBS Team
The four new Wells Fargo advisors come on board with some $900 million in assets; the new RJ group has some $300 million.
Enforcement: Chase to Pay $136M Over Debt Collection Practices
Meanwhile, FINRA barred five brokers for a sham private placement offering.
Bill Allows SEC to Greatly Boost Fines
SEC Penalties Act increases the per-violation cap for serious offenses to $1 million per violation for individuals and $10 million for firms.
Presidential Candidate O’Malley Unleashes Wall Street Crackdown Manifesto
The 10-page manifesto by former Gov. Martin O'Malley of Maryland promises to boost regulators' budgets and punish misbehaving banks more harshly.