SEC
Former Ladenburg Chair Frost Sues to Halt Advisor Group Merger
Phillip Frost seeks to rescind December 2018 deal in which he sold 51 million shares to Ladenburg at $2.50 a share and enjoin its $3.50-per-share merger deal with Advisor Group.
UIT Rollover Recommendations Sideline Another Broker
Finra suspends former Raymond James independent broker and fines him, highlighting UIT sales issues that led the Florida firm to a $15 million settlement with the SEC.
Cetera Asks Court to Dismiss Fee-Disclosure Fraud Claims
Two affiliates of the independent broker-dealer say that the SEC’s $21 million lawsuit ignores “fulsome” website disclosure of conflicts of interest involving mutual fund sales.
SEC Chairman Cites Fishy Letters in Support of Policy Change
But a close look at the seven letters Clayton highlighted, and about two dozen others submitted to the SEC by supposedly regular people, shows they are the product of a misleading — and laughably clumsy — public relations campaign by corporate interests.
SEC Fines Morgan Stanley $1.5 Million for Fund Share Fraud
Morgan Stanley’s systems failed to put some retirement plan clients and charitable accounts into less expensive fund-share classes that were created for them.
SEC Orders 17 Firms to Pay $11 Million in Crackdown on 12b-1 Fee Disclosures
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.
Michigan Firm Slammed Over Undisclosed 12b-1 Conflicts
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.
