The latest regulatory, disciplinary and criminal actions.
Samuel Barnett, 30, founded SBB Research almost a decade ago in his dorm room, transforming a college side gig into a hedge fund that managed more than $400 million.
The Commission settled with 17 firms, including 16 who participated in its self-reporting initiative, over allegations they failed to failed to properly disclose conflicts related to receipt of 12b-1 ‘distribution’ fees from fund companies.
The firm claims that two brokers managing $500 million in assets had solicited former clients and took customer information in violation of employment agreements.
An Oppenheimer broker accused of assigning his client service associate to take his continuing education courses gets three-month suspension and fine.
SEC orders RIA affiliate of Parkland Securities and Sigma Financial to pay $2.5 million, the same day it fined Morgan Stanley $225,000 for unsuitable municipal bond sale recommendations.
Chief executive of Ladenburg-owned KMS Financial Services has had mixed success in expunging more than a dozen customer complaints that splotch her BrokerCheck record.
Brokers across three RayJay channels overcharged customers by putting them in fee-based accounts, mispricing positions and recommending premature exchanges that generated commissions, regulator says.
Banking giant agrees to $1.1 million fine for failing to timely file U5 disclosures on dozens of former reps who left amid allegations or investigations of fraud, theft or other violations.
Advisors in Texas and Nebraska last week agreed to stop soliciting their former clients, but Schwab and Fidelity Investments also last week withdrew complaints against breakaway brokers in Wisconsin and Connecticut.
Broker who left with three others last month allegedly took client data prior to setting up a registered investment advisory firm.