The SEC hailed the verdict against the investment advisor, who the agency said breached his fiduciary duty to retired and pre-retiree clients.
United Planners' costs related to lawsuits and regulators' actions into the advisor continue to rise.
Smaller firms and hybrid advisors may see relief as Finra looks to ease compliance burdens and update its oversight approach.
Financial regulators face hurdles to implement new rules
Loan agreements, including one made with a senior client, were also used to fund unapproved advertising ventures as well as personal expenses, according to Finra.
A $3.1 million attorney fee award in CBIZ’s favor was reversed after an Indiana appellate court ruled Zotec had not breached its acquisition contract merely by bringing claims.
The Wisconsin Court of Appeals ruled that a receiver can recover over $137,000 in alleged preferential payments from a Utah funder, despite forum and choice-of-law clauses in merchant cash advance agreements.
The Appellate Division of New York’s Supreme Court has upheld a $1.64 billion ruling against China Construction entities in a high-stakes case over the failed Baha Mar resort development in the Bahamas.
Delaware’s Chancery Court dismissed controller and fiduciary claims in a suit over Focus Financial’s sale but kept alive a disclosure issue tied to a rival bidder.
An Ohio appellate court has upheld a trial court’s decision to enforce arbitration clauses in a complex family trust dispute over access to venture investments, reinforcing the binding power of partnership agreements.
A New York appeals court upheld a $795,480.96 judgment for broker Scott Bloom in a dispute over unpaid commissions, rejecting Helmsley Spear’s procedural and contractual defenses.
A Delaware Chancery Court decision granted a limited books and records inspection to an investor in a private AI investment fund, emphasizing the importance of documentation for closely held entities.
An Illinois appeals court has ruled that creditors can revive dormant money judgments up to 20 years after entry - regardless of whether earlier revival attempts were made.
A federal judge has allowed Aaron Greenspan to expand his FOIA lawsuit against the SEC, adding multiple claims related to records requests involving Tesla, Bridgewater, Meta, and FTX. A separate civil rights claim was denied.
A federal court has questioned its jurisdiction over a $225 million FINRA arbitration dispute, citing unresolved liability issues and a missed FDIC claims deadline after First Republic’s failure.
Federal court stops action over unregistered securities claim.
'It's an enviable dilemma having a lot of money in one stock, but it's a huge risk to their portfolios.'
Moloney Securities has been the target of securities regulators recently for sales of high-risk alternative investment products.
New SEC chairman vows "appropriately tailored" regulatory approach amid agency overhaul and market volatility.
Conduct Rule will now more closely align with SEC's Reg BI
