Thomas Buck, a dually registered Investment Adviser Representative who worked at Merrill Lynch for 33 years prior to being terminated in 2015, now faces prison following his guilty plea on one count of securities fraud. According to the SEC, Buck’s…
The Securities and Exchange Commission (“SEC”) has announced, under a new Share Class Selection Disclosure Initiative (“SCSD Initiative”), that it will not seek civil penalties against eligible investment advisers who self-report violations of share class selection disclosure requirements and promptly…
The US Securities and Exchange Commission (SEC) has issued an “Operations Plan Under a Lapse in Appropriations and Government Shutdown” (“Operations Plan”), which describes how the SEC will operate in the event of a government shutdown. While it is not…
FINRA recently released Regulatory Notice 17-37 regarding the SEC’s approval of pay-to-play and related recordkeeping rules for Capital Acquisition Brokers (“CABs”). CABs can be defined as member firms that advise companies and private equity funds regarding raising capital and corporate…
Near the end of September 2017, the Securities and Exchange Commission (“SEC” or the “Commission”) filed a complaint in the U.S. District Court for the Western District of New York, against an investment adviser and his assistant. The Commission alleged…
IRA rollovers are generally an important component of many advisors’ business model. Now, could some of these rollovers be caught within the potentially confusing boundaries of the DOL Fiduciary Rule? Advisors should proceed with caution when discussing even a client’s…
The Securities and Exchange Commission has ordered the dually registered Investment Adviser/Broker-dealer Cadaret, Grant & Co., Inc. to pay disgorgement, prejudgment interest, and civil penalties of more than 3 million dollars due to the Adviser/Broker-Dealer’s violations of the Investment Adviser…
KMS Financial Services, Inc. is based in Washington and dually registered as a broker-dealer and investment adviser. The SEC found that in its capacity as registered investment adviser, the firm 1) failed to disclose to its clients additional compensation it…
Most individuals that have been in the financial services industry for any amount of time are aware that there is a requirement to register with a regulatory body in order to provide financial advice for compensation. However, those that are…
It’s that time of year again and FINRA has published its Exam Priorities Letter which highlights areas of significant focus in their audit program. These priorities represent FINRA’s assessment of the key issues they will focus on in 2013. The…