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Former NBA player Paul Pierce to pay $1.4 million in crypto case
The SEC alleges the longtime Boston Celtic touted a crypto token without disclosing that he was paid to do so.
Crypto investors had their funds frozen. Now they may have to pay taxes
Even though investors can't access their accounts with bankrupt crypto lender Celsius Networks, they still owe taxes on the interest income they earned from the accounts last year.
SEC proposes expanding advisor custody rule
The agency is considering extending the regulation to cover all assets in a client's portfolio, not just securities and funds.
GOP seeks to open private markets; Democrats might be willing to talk
A House subcommittee considers GOP measures that would amend accredited-investor rules. The ranking Democrat said 'fiduciary' advisors could help retail investors become sophisticated vicariously.
Centaurus hit with $1.1 million penalty over structured product sales
The SEC said brokers in the firm's Lexington, South Carolina, branch office recommended variable interest rate structured products to dozens of retail customers for whom they weren't suitable.
All eyes on alts
As fixed income weighs down the classic 60/40 portfolio, allocations to alternatives are expected to rise over the next three years.
Alts manager FS Investments doubling size with merger
With the deal for Portfolio Advisors, FS Investments also gets its hands on a private equity fund that targets both wealth management and institutional clients.
Blackstone’s BREIT hit monthly redemption limit in January
Blackstone Real Estate Income Trust told investors that it fulfilled repurchase requests for 2% of its net asset value.
BNY Mellon, Wall Street firms find the lure of crypto too strong to resist
Despite all that’s gone wrong in the industry, the world’s largest custodian bank and other financial giants are hoping to expand in crypto.
Finra bars ex-UBS broker in Texas who sold phony annuities
According to Robert Earl Turner's BrokerCheck profile, UBS has settled six disputes with his customers for close to $12 million.
More advisors are jumping on the bitcoin bandwagon
With the cryptocurrency's price up 40% so far this year, a new report shows a doggedly bullish outlook among investors and advisors willing to look past extreme volatility.
Wisconsin advisor pulled $1.9 million fraud on clients
The advisor, Anthony B. Liddle, 40, was barred from the securities industry last June by the Financial Industry Regulatory Authority Inc.
Does the 60/40 rule need revising given the surge in alts?
At a panel at FSI OneVoice, one speaker suggested the revised math for portfolios could wind up in the neighborhood of 55% stocks, 35% bonds and 10% alternative investments.
Is the new generation of nontraded REITs really any better than the last?
Wall Street has revitalized the product, but these REITs face new scrutiny because of an old problem: Investors are demanding liquidity.
Clients increase demands to cash out of REITs; KKR latest to hit limits
The industry, which saw a 27% rise in requests for redemptions of NAV nontraded REIT shares in the fourth quarter, should be ready for continued redemptions at the start of this year, according to investment bank Robert A. Stanger & Co.
Crypto lender Nexo pays $45 million in fines to SEC, states
The SEC said Nexo's Earn Interest Product amounted to a security that should have been registered with the agency.
George Santos, Wall Street and Washington
Since the credit crisis, investment frauds have proliferated in ways most Wall Street executives and financial advisors in 2008 never would have foreseen.
Bitcoin rally shows cryptocurrency resilience after FTX debacle
The digital currency is up 26% over the past month, while some crypto miners are up 125% this year.
BNY Mellon to cut about 3% of staff
The bank says costs will be a top priority this year; it also says it's still committed to its digital assets strategy despite the turmoil in crypto markets.
State regulators urge Congress not to expand private securities markets
NASAA's policy agenda asks lawmakers not to erode state oversight of unregistered securities in the effort to bolster capital formation, warning of potential investor harm.
