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Ex-Smith Barney adviser hit with lawsuit, restraining order
Smith Barney has hit a former adviser with a lawsuit, an arbitration claim and a restraining order, claiming that the rep improperly pursued clients and used confidential information after he resigned from the brokerage arm of New York-based Citigroup Inc. at midmonth.
Bill would give indie advisers sole right to offer 401(k) advice
After focusing their efforts on increasing 401(k) fee disclosure, members of an influential committee last week approved a more comprehensive package of potential retirement reforms.
Bill would allow independent advisers to counsel 401(k) recipients
A key Congressional committee is expected to vote on a proposal - as early as next week - that could potentially bar thousands of brokers from providing investment advice to 401(k) participants, according to sources.
Financial adviser admits to $9M sham that funded his gambling and international travel
A New Jersey-based financial adviser has admitted operating a scheme that defrauded investors of more than $9 million.
88-year-old woman wins $1.1M claim against William Blair, ex-brokers
William Blair & Co. LLC and two ex-brokers at the firm have been socked with a $1.1 million arbitration decision that centered on two brokers' setting up a phony e-mail address where they sent statements from the brokerage account of an 88-year-old widow.
Labor Department cracking down on broker-driven rollovers
With the Labor Department stepping up scrutiny of conflicts of interest and fee disclosures, broker-dealers are becoming concerned about how their reps handle rollover assets from 401(k) plans.
Swiss officials ready to name names in UBS tax flap
Swiss tax authorities said Tuesday they have notified the first 500 clients of Swiss bank UBS AG whose names they want to hand over to the United States for alleged tax cheating.
Palace coup? ‘Cash king’ arrested, charged in alleged securities scam
State and federal prosecutors have charged seven people in an alleged securities scam that cheated dozens of people out of $17 million.
Finra to shell out $1M on lobbying efforts
Finra has opened up its checkbook to lobby Congress for authority over investment advisers.
Obama administration targeting financial fraud
The Obama administration has formed a new task force to target financial fraud — replacing an earlier corporate fraud task force.
Dems, Republicans at odds over BofA, Merrill Lynch deal
A senior House Democrat said Tuesday the government didn't force Bank of America to take over Merrill Lynch, but Republicans charged that a committee inquiry was covering up the role of an Obama administration official.
Regulator: Life settlements industry must safeguard seniors
A key state insurance official has called upon the life settlements industry to keep Main Street policyholders in mind — or else.
Groups cheer push to contain Finra’s reach
Investment advisory groups, state regulators and consumer advocates last week cheered a pledge by the House Financial Services Committee's chairman to defeat a measure that could expand Finra's reach over advisers.
Money managers join the fight against increased Finra oversight
Money managers are fighting legislation that would — for the first time — subject the roughly 4,000 firms associated with broker-dealers to regulation by the Financial Industry Regulatory Authority.
Labor Department delays investment advice rule
The Department of Labor today announced it postponed the effective date of a controversial Bush administration investment advice…
Nicolas Cage slapped with suit from former money manager
Nicolas Cage is being sued by his former business manager, who claims lavish spending, not his advice, is to blame for the actor's financial problems.
Bill would require SEC to restrict mandatory arbitration
The Securities and Exchange Commission would be required to issue rules prohibiting or limiting mandatory-arbitration clauses in securities contracts under draft legislation introduced last week by Senate Banking Committee Chairman Christopher Dodd, D-Conn.
Legal expenses piling up at Morgan Keegan
Company says legal tab in 2009 equaled 12% of revenue; crashed bond funds to blame
Caterpillar settlement could make 401(k) advisers vulnerable to lawsuits over fees
Caterpillar Inc.'s announcement last week that it has reached a tentative settlement over the fees it charged its 401(k) plan participants may be bad news for plan sponsors, their advisers and mutual fund companies.
Senate moving to allow SEC to rule on mandatory arbitration
The Securities and Exchange Commission would be required to issue rules prohibiting or limiting mandatory arbitration clauses in securities contracts under draft legislation introduced this week by Senate Banking Committee Chairman Christopher Dodd, D-Conn.
