Park Avenue Securities fell short in its supervision of a rep who helped operate a cannabis business, the regulator says.
The 63-36 vote on the bill Thursday night was carried by moderates in both parties; the legislation now goes to President Biden to sign.
The legislation seems to strike a balance between concerns about allowing ordinary investors to buy private placements and creating opportunities for them to diversify their portfolios.
Investor harm is occurring among so-called sophisticated investors, and strong guardrails must be put in place if access to unregistered securities becomes easier for retail investors.
The legislation would force the SEC to calibrate compliance costs for small and growing businesses, including advisory firms.
The deal now heads to the Senate, where approval is virtually certain; Senate GOP leader Mitch McConnell said the measure could be voted on as soon as Thursday.
The state is poised to go much further on emissions reporting than the Securities and Exchange Commission.
The money from fines, along with funds from its reserves and excess operating revenue, allowed the regulator to finance $111.4 million in projects to improve its examination and enforcement efforts.
Irvine-based JRL Capital Corp. reported total assets of $43,000 and total investor claims against the firm of $2.5 million.
Protecting investors from fraudulent, misleading or otherwise problematic electronic communications seems to be of the utmost importance to regulators.
The settlement with the SEC follows Carrie Tolstedt's agreement in March to plead guilty to obstructing a problem of the bank's practice of opening accounts for customers without their authorization.
The retirement plan for federal government workers also includes numerous Christian and 'pro-life' funds that would seemingly be affected by the legislation.
Austin Dutton last week lost an industry arbitration claim of $43,645 to a client related to sales of GWG bonds.
The measure seeks divestment of an estimated $15 billion from oil and gas companies by CalPERS, CalSTRS.
Legislators have less than a week to approve the agreement before the default deadline next Monday, June 5.
Given the many lawsuits filed against retirement plan sponsors in recent years for breaching their fiduciary duties, here are the steps plan committees should be taking to mitigate risk.
The firm miscalculated annual yield and income for nine funds on approximately 8.5 million statements. It also failed to act promptly when customers noticed something was wrong.
Here's a list of the costs that have become qualified expenses for 529 plans in the past decade.
The SEC chair drew the ire of fund officials when he suggested that the agency looks out for investors while the industry looks out for itself.
Shawn Edward Good pleaded guilty to stealing $7.2 million from retirees and used the money to pay off earlier investors and to fund a lavish lifestyle.
