The Oregon Department of Consumer and Business Services (DCBS) and its Division of Financial Regulation (DFR) announced that TK Keen, who has been serving as the acting administrator of DFR, has been officially appointed administrator of the division.
Investors are borrowing against their portfolios at record levels, according to FINRA data about debit balances in margin accounts. As of November 2020, investors borrowed more than $722 billion against the value of their accounts.
BlueCrest Capital Management Limited, a United Kingdom-based investment adviser, agreed last week to pay $170 million to settle charges brought by the SEC in connection with BlueCrest’s trading.
The North American Securities Administrators Association, an organization made up of state and provincial securities regulators in the U.S., Canada, and Mexico, with a mission that includes protecting investors, announced a model rule for NASAA members to implement continuing education requirements for investment adviser representatives.
The SEC recently issued a public statement regarding certain leveraged and complex exchange traded products. The public statement begins by emphasizing that advisers and broker-dealers must
The U.S. Attorney for the Eastern District of California announced the arrest and indictment of Matthew Piercey in connection with a fraud and Ponzi investment scheme involving Family Wealth Legacy and Zolla.
The Oregon Department of Consumer and Business Services (“DCBS”), Finance and Securities Regulation recently gave notice of a proposed rulemaking to amend the rule regarding the use of special designations, professional certifications, or titles by securities professionals.
In an October 29, 2020, regulatory notice, FINRA announced the adoption of a new rule that creates new requirements before any person associated with a firm regulated by FINRA obtains power of attorney or is named a beneficiary, executor, or trustee for or on behalf of a customer.
The Wall Street Journal reported that the SEC is not moving forward on a measure to require broker dealers and investment advisers to vet individual investors before permitting them to trade leveraged and inverse exchange-traded funds.
Metals.com and its parent company, TMTE, Inc., along with Chase Metals, LLC, Chase Metals, Inc., Barrick Capital, Inc., and its principals Lucas Asher (aka Lucas Thomas Erb, aka Luke Asher) and Simon Batashvili are alleged to have run a nationwide fraud that brought in more than $185 million in money from customers to buy fraudulently overpriced gold and silver bullion.
Mistakes made by even well-intentioned financial advisers, stock brokers, promoters, solicitors, and others who give investment advice or sell financial products sometimes come to light when markets are volatile or when a bull market ends.
Investors have access to free electronic search tools through self-regulatory organizations, federal, and state regulators to research investment firms and professionals. This post describes several free tools that give access to information beyond what you can learn using Google and other search engines.
On August 26, 2020, the SEC adopted amendments to the definition of “accredited investor.” Many private capital market offerings…
The Fourth Circuit Court of Appeals recently confirmed that a violation of FINRA rules can be a breach of an agreement between an investor and a broker-dealer.
Proposed Regulation 21F, that the U.S. Securities and Exchange Commission is currently reviewing, could impact the SEC whistleblower program.
Some investors may not realize that the person who the investor thinks of as his or her investment adviser is actually a solicitor for another business who is paid a cash fee to bring in clients.
The North American Securities Administrators Association, Inc. (NASAA) announced its support for the Investor Choice Act of 2019 (S. 2992) in a June 2020 letter to the bill’s sponsor, United States Senator Jeff Merkley.
Beginning June 30, 2020, brokerage firms and their associated persons will have to comply with Regulation Best Interest (Reg BI), which sets a new standard of conduct when working with retail investors.
On June, 3, 2020, the U.S. Securities and Exchange Commission (“SEC”) obtained a preliminary injunction against investment adviser Paul Horton Smith, Sr. and related entities. The SEC alleges Smith and his entities engaged in a Ponzi scheme targeting senior citizens.
The U.S. Securities and Exchange Commission (“SEC”) filed a complaint for fraud against Applied Bioscience Corp. in May 2020. The SEC alleges that Applied Biosciences Corp. sought to exploit the COVID-19 pandemic for profit.
