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Schwab ordered by Finra to pay ex-employee $1.8M
The self regulatory organization ruled that Schwab's human resources group committed “gross negligence, and contributed to the damages suffered” by a former employee who claimed the brokerage had made defamatory comments on his termination notice.
Financial adviser admits to embezzling $4.3M from clients
A former financial adviser from Plymouth, Mass., has pleaded guilty in federal court to embezzling $4.3 million from his clients and using the money for personal expenses, including to make mortgage payments and pay his daughter's college tuition.
Mark Cuban claim of SEC bias is ‘absurd,’ agency says
Securities and Exchange Commission investigators were trying to persuade supervisors to protect billionaire Mark Cuban's privacy when they internally e-mailed photos demonstrating his fame, the agency said.
Citigroup to repay $20B debt to U.S. Treasury
Citigroup Inc. said it is repaying $20 billion in bailout money it received from the Treasury Department, in a bid to reduce government influence over the banking giant.
Court upholds branch office manager’s win against Hilliard
A Federal judge refuses to vacate an award from June 2009 arbitration ruling.
LPL adviser’s ads blast ‘economic treason’ of Wall Street
Adviser Frank Congemi is running radio spots this week lambasting government officials and Wall Street firms for the financial crisis, which he calls the “largest economic crime in history.”
Senate bill stirs retirement plan lobby
Financial advisers and service providers working with retirement plans are trying to avert the possibility of coming under greater regulation by an existing or new government agency.
What if Wall Street pay was ‘normal’?
Morgan Stanley CEO James Gorman has been put on the hot seat by the company's institutional investors over its compensation policies, according to a report in the Wall Street Journal.
Brokers may dodge fiduciary requirement, consumer groups say
The requirement that brokers who provide advice be regulated as registered investment advisers may be dropped from financial-reform legislation being considered by the Senate Banking Committee, according to consumer groups and state securities regulators.
Retirement plan groups lobby Congress to allow Roth 401(k) conversions
Worried about losing some of the $3 trillion in assets they oversee, defined-contribution-plan administrators have forged a coalition…
Departing Dodd’s last hurrah: fiduciary standard reform
Senate Banking Committee Chairman Christopher Dodd's decision to retire could allow him to push through proposals to bring brokers under traditional fiduciary standards.
Dodd, Shelby voice optimism on banking regulations
The top Senate Democrat and Republican negotiating new Wall Street regulation said Wednesday they expect to resolve their differences before the end of January, an optimistic outlook for a bill that had seemed mired in partisan conflicts.
Role of CCOs for mutual funds may be recast
The role of the mutual fund chief compliance officer should be re-examined to take into account the risk-related…
Goldman Sachs goes after ex-reps for ‘pirating’ clients
The Goldman Sachs Group Inc. is suing seven former employees of its private-wealth-management division who joined Credit Suisse Group AG for “pirating” the bank's clients and reps.
Chicago money management exec pleads guilty to $24M fraud
The former head of a Chicago asset management company pleaded guilty Wednesday to fleecing six union pension funds of $24 million and spending much of the money on jewelry, gambling and renovation of his strip club.
Finra top cop Susan Merrill departing
Enforcement director follows Robert Errico out the door at industry watchdog
Fed second-in-command David Kohn to leave Fed in June
Donald Kohn, the second-highest ranking official at the Federal Reserve, announced Monday that he will leave at the end of June, giving President Barack Obama a chance to put a bigger imprint on the central bank.
Court ruling seen soon on suit charging Finra misled members
The fate of a lawsuit brought by two brokerage firms against NASD over its 2007 merger with the New York Stock Exchange's regulatory unit could be decided this month.
HighTower chief blasts lift-out suit from MSSB
HighTower Advisors LLC chief Elliot Weissbluth last week shrugged off a “lift-out” lawsuit filed against the firm last month by Morgan Stanley Smith Barney, calling it baseless.
Morgan Keegan’s legal fees are piling up
Facing intense pressure from securities regulators and investors, Morgan Keegan & Co. Inc.'s legal fees have skyrocketed during the past two years to $251 million, leaving some industry observers shocked.
