The SEC’s Division of Examinations issued a Risk Alert about wrap fee programs used by investment advisers. Wrap fee programs require advisory clients to pay a consolidated fee for investment advisory services and other expenses, such as commissions, trading fees, and administrative costs.
Merrill Lynch submitted a Letter of Acceptance, Waiver, and Consent (AWC) to FINRA regarding the firm’s failure to establish and maintain a supervisory system reasonably designed to comply with suitability rules for Unit Investment Trusts, also known as UITs.
Investors in a cannabis cryptocurrency startup obtained a default judgment for more than $12 million against rapper The Game and other defendants.
The Oregon Division of Financial Regulation (DFR) warned Oregonians about a type of pyramid scheme called gifting clubs.
The SEC gave notice of intent to issue an order that would increase the minimum assets under management or net worth that a client must have before an investment adviser may charge performance-based fees.
Oregon Senator Jeff Merkley and U.S. Representative Bill Foster of Illinois introduced the Investor Choice Act earlier this month. The bill would prohibit broker dealers and investment advisors from forcing investors to agree to mandatory arbitration.
The Commodity Futures Trading Commission accused a Washington rancher, Cody Easterday and Easterday Ranches, Inc., of defrauding beef and pork producers by billing for cattle that never existed.
Many investors are surprised to learn that an advisory or account agreement limits or bars the investor from bringing a claim in court.
In Regulatory Notice 21-09, FINRA announced the adoption of new supervision and disclosure rules for brokers with a significant history of misconduct and the firms that employ them.
Bloomberg reported about a wealthy 93 year old who brought constructive fraud, abuse of fiduciary duty, and other claims before FINRA against J.P. Morgan Securities, LLC and previously registered brokers and investment advisers.
Special purpose acquisition companies (“SPACs”), sometimes referred to as blank-check companies, have captured headlines and the attention of individual investors in recent months.
Popular online stock trading platform Robinhood announced on January 28, 2021, “In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AAL, $AMC, $BB, $BBBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR, and $TRVG. We also raised margin requirements for certain securities.”
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.
