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At the helm in stormy seas
A leading securities regulator for the lion's share of his career, Finra chairman and chief executive Richard Ketchum is poised to oversee one of the most significant day-to-day changes most registered representatives will ever experience.
A policy wonk with a mission
J. Mark Iwry is the quarterback of the Obama administration's retirement policy team, but he'll play offense, defense and for the other side when it comes to his mission: to find new ways to help Americans save.
Barney Frank will move to scrap amendment that would expand Finra’s reach
House Financial Markets Committee Chairman Barney Frank, D-Mass., will move to strip a controversial amendment from the Investor Protection Act — which the House Financial Services Committee approved with a 41-28 vote today — that would give Finra power over a quarter of all federally-registered investment advisory firms.
Kohl’s oversight proposal is panned
The Financial Planning Coalition has found a last-minute angel in Sen. Herbert Kohl, who wants to establish a Federal oversight board for planners. Insurers and state regulators are less enthusiastic about the idea.
Proposal would mean less oversight for some B-D auditors
An amendment to legislation to be considered today by the House Rules Committee could exempt accounting firms that audit certain broker-dealers from having to register with the Public Company Accounting Oversight Board.
Panel orders Merrill to pay $500K for Mattia termination
A Financial Industry Regulatory Authority Inc. arbitration panel has ruled that Merrill Lynch & Co. Inc. wrongfully terminated Joseph Mattia when it fired the former branch manager of the bank's flagship office in Manhattan.
Little Rock investment show host fined for alleged mutual fund fraud
The Arkansas Securities Department announced Tuesday that it fined a broker $50,000 and suspended his license for two weeks after a probe into alleged fraudulent mutual fund sales
How picky is picky? Advice regs an unknown
More-restrictive investment advice regulations are coming now that the Labor Department has killed a controversial Bush administration proposal that would have permitted the mutual fund industry to provide direct investment advice to defined contribution plan participants.
Money manager and radio personality charged with foreign-currency fraud
The SEC has obtained an emergency court order freezing the assets of a Minneapolis money manager and a nationally syndicated radio personality for allegedly operating a foreign-currency-trading scheme.
SEC told to tighten process for investigating advisers
The Securities and Exchange Commission must tighten its process for deciding which investment advisers to inspect if it is to avoid colossal breakdowns like the one that allowed Bernard Madoff's multibillion-dollar fraud to go undetected for 16 years, the agency's inspector general says.
Compliance departments on red alert for insider trading
In the wake of the alleged insider-trading ring involving hedge fund manager Galleon Group, compliance departments at asset management firms and broker-dealers are stepping up their vigilance.
Plan to expand Finra’s authority concerns SIFMA
The brokerage industry will put up a fight to stop a potential power shift that could give the Financial Industry Regulatory Authority Inc. oversight of much of the investment advisory industry.
Number of defendants settling with SEC is down 8% in ’09
The number of defendants agreeing to settlements with the Securities and Exchange Commission dropped for the second straight time in fiscal 2009, declining nearly 8% to 626 defendants from 673 in fiscal 2008, according to a report released today by NERA Economic Consulting.
Federal insurance office gains in House, but clout limited
The House Financial Services Committee last Wednesday unanimously approved a bill that would create a federal insurance office within the Treasury Department.
Feds seize Ferrari from Fla. lawyer accused of $100M fraud scheme
Federal agents are seizing assets from a Florida lawyer suspected of orchestrating a multimillion-dollar fraud scheme.
Value Line, execs paying $45M to settle with SEC
Investment adviser Value Line Inc., its CEO and its former compliance chief have agreed to pay about $45 million to settle regulators' allegations the firm charged more than $24 million in bogus commissions on mutual fund trades.
JPMorgan settlement with SEC worth over $700M
JPMorgan Chase paying more than $700 million to settle SEC charges over Ala. county bonds
Wells Fargo and Bank of New York Mellon sued over role in Medical Capital ‘scam’
The two trustees of Medical Capital Holdings Inc.'s private placements, Wells Fargo & Co. and The Bank of New York Mellon Corp., have been sued by investors seeking class action status.
Ex-First Allied rep to fight SEC churning charges
A rep formerly affiliated with First Allied Securities Inc. says he will fight SEC charges that he churned client accounts and made unauthorized and unsuitable trades for two institutional clients, resulting in commissions of $14.2 million.
Borzi: Labor Dept. still considering target date regs
The Labor Department is still considering regulating target date funds, according to Phyllis C. Borzi, assistant secretary of labor for the Employee Benefits Security Administration.
