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LPL to pay $4.8 million over anti-money laundering charges
Last year, the SEC charged the unregistered adviser at the heart of the matter with defrauding a town in Puerto Rico and misappropriating $7.1 million.
Former fund CEO agrees to pay $5.5 million over fraud charge
The SEC charged Robert Press, the former CEO of TCA Fund Management, and Donna Silverman, its former chief portfolio manager, with inflating net asset values.
SEC charges adviser with steering clients to expensive funds
The Securities and Exchange Commission charged that from at least 2014 until 2019, Buttonwood took steps to avoid paying transaction costs by focusing client investments in more expensive mutual funds.
Wisconsin RIA defrauded clients, SEC charges
The agency alleges that Michael Shillin lied to clients, many of them elderly, about the value of their investments.
Berthel Fisher latest to face penalty over fund charges
The SEC has been cracking down on disclosures surrounding payments by funds to broker-dealers and RIAs. The agency launched an initiative in February 2018 to target advisory firms that recommended high-fee mutual funds.
Regulators: Trading app nudges could be investment advice, trigger Reg BI
The more individually tailored a communication to a customer is, the more likely it is a recommendation, SEC Commissioner Allison Herren Lee said during the NASAA fall meeting.
Finra probes brokerages’ use of social media for prospecting
The broker-dealer self-regulator launched the exam sweep a couple of weeks after the Securities and Exchange Commission released a request for comment about the “digital engagement practices” used by investment advisers and broker-dealers.
Gensler defends ESG disclosures against Republican backlash
GOP senators assert that the SEC's effort to expand ESG reporting pushes a social policy agenda, while the SEC chair says agency is reacting to investors' demands for more information.
SEC continues to smack firms over conflicts around fund fees
Rothschild and MML Investors Services are latest to be penalized for inadequate communications to clients concerning fund fees.
Coinbase threat demonstrates Gensler’s focus on taming crypto
The agency has said that it will sue the exchange if Coinbase lets customers earn interest on their digital tokens.
Investor advocate comes off the sidelines, gets into the regulatory game
Even before drawing her first government paycheck, Barbara Roper has influenced how the SEC under Gary Gensler is approaching Regulation Best Interest.
SEC charges crypto exchange BitConnect with $2 billion fraud scheme
The regulator sued five BitConnect promoters in May for their roles in promoting the scheme by creating testimonials on YouTube, sometimes multiple times a day.
SEC inquiry into online brokers could redefine recommendations
The agency could be on the path toward clarifying whether online trading platforms are giving investment advice. The examination will also consider potential conflicts of interest between brokers and investors.
SEC fines multiple firms for cybersecurity lapses that exposed client data
The agency fined 8 firms, including Cetera and Cambridge, a total of $750,000 for inadequate policies and procedures to protect customer information.
Federated enters ETF market with 2 active bond funds
The asset manager known mostly for its money market funds has high hopes for its late move into fast-growing exchange traded funds. The firm first filed plans to launch the fund 10 years ago.
SoFi fined $300,000 by SEC over proprietary fund sales
The enforcement action centered on a decision in April 2019 to replace third-party ETFs in approximately 20,000 automated accounts with funds sponsored by the firm’s parent company, Social Finance Inc.
SEC halts alleged fraud scheme that ripped off New Mexico seniors
The Securities and Exchange Commission alleges the funds solicited from elderly clients were used on 'lavish personal expenses,' including homes in New York and Santa Fe.
GOP challenges SEC chief’s bid to regulate cryptocurrency
Rep. Patrick McHenry, R-N.C., argues that Gensler’s appeal to Congress for jurisdiction over cryptocurrency regulation is a 'power grab.'
How much does Schwab’s cash sweep really cost clients?
A new study by the research firm Backend Benchmarking estimates the high cash allocation in the company's automated portfolios may have cost investors more than $500 million over six years.
SEC’s Gensler takes to Twitter to push mandatory climate disclosures
The SEC leader used an analogy inspired by the 2020 Olympic Games to support increased public-company reporting. 'It's time for the Commission to take the baton,' he posted on Twitter.
