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New Labor Department 401(k) advice rules set to come out soon
The Labor Department is likely to issue new rules governing investment advice given to 401(k) plan participants by the end of this month, Assistant Labor Secretary Phyllis Borzi said today.
‘Virus’ to blame for rash of bank robberies in Colorado?
With a nearly 30 percent jump in bank robberies last year when compared with 2008, banks in Colorado are being encouraged to report suspicious people entering their banks as a way to discourage would-be bank robbers.
Insurance groups slam Obama’s budget proposal
The life settlements and life insurance industries are criticizing President Barack Obama's 2011 budget proposal, which includes provisions that would require additional reporting to the IRS for life settlements and would impose taxes on corporate-owned life insurance.
Oppenheimer reaches agreement with Illinois over 529 fund losses
The state of Illinois has reached a settlement in its lawsuit over losses in the Bright Start college savings program under which parents will get back $77.23 million — slightly more than half of what they lost in investments handled by Oppenheimer Funds Inc.
ICI wants money funds to bankroll redemption backstop
Proposed entity would be capitalized by the prime-money-market-fund industry.
Reebok founder claims longtime investment adviser and friend ran off with $25M
Reebok founder Paul Fireman is suing his longtime friend, investment adviser and accountant, claiming he stole $25 million from him and a charity.
White House looks to ramp up retirement savings programs
The Obama administration last week announced plans to require employers to give employees the option of enrolling in direct-deposit individual retirement accounts.
Alleged scam artist jailed
A federal judge in Minnesota last week ordered Trevor G. Cook jailed for failing to surrender more than $35 million in assets.
Bernanke backlash raises fears of double dip recession
A defeat of Federal Reserve Chairman Ben Bernanke's quest for another four-year term could raise the risk of a "double dip" recession if political jousting over a successor were to drag on for months, economists warn.
Financial planners tell House: Don’t put us under Finra
More than 1,000 financial planners contacted members of the House to oppose a provision in financial-reform legislation that could put many advisory firms under the jurisdiction of the Financial Industry Regulatory Authority Inc.
Planners concerned proposed group would regulate advice
Financial planners are worried about being regulated by the proposed consumer financial protection agency when it comes to dishing out advice about mortgages, taxes and estate planning.
Financial planners: Our advice should not fall under proposed regulations
Financial planners are worried about being regulated by the proposed Consumer Financial Protection Agency when it comes to dishing out advice about mortgages, taxes and estate planning.
Dodd bill would make reps fiduciaries
The Senate Banking Committee's plan to overhaul Wall Street has received a cool reception in the brokerage world.
SEC charges former California RIA with bilking college student, family friend
The Securities and Exchange Commission has sued Gary R. Headding and his former registered investment adviser firm, Envision Direct of Newport Beach, Calif., for defrauding two clients of at least $274,256.
Small B-Ds decry Hill audit proposal
Smaller broker-dealers are worried that a sweeping congressional proposal aimed at preventing fraud through comprehensive audits of brokerage firms could put them out of business.
Brokers win one, lose one in SEC votes
Commssion backs a plan to limit fees on option trades. But the regulator also wants the largest stock traders to provide ID codes, records for transactions
Finra unveils guidelines for social media and blogging
For months, a task force for the Financial Industry Regulatory Authority Inc. has been reviewing some of the major issues surrounding the professional use of social media in the financial services community – and now the self-regulatory organization has finally issued an overview of their guidelines.
Car seized from suspected lawyer worth $2M
A sports car worth nearly $2 million, an 87-foot yacht and a guitar collection worth as much as $20,000 were among the assets seized from a South Florida lawyer suspected of operating a massive fraud scheme, according to a court filing Monday.
SEC charges two California advisory firms with improper short selling
Two California investment advisory firms were charged with improper short selling today by the Securities and Exchange Commission.
Official at Utah’s securities cop eyes suit against regulator, sources say
George Robison, the director of licensing for the Utah Division of Securities, is discussing taking legal action against his employer for allegedly retaliating against him because he participated in an audit of the division, according to people familiar with the situation.
