Fund manager and affiliated brokerage firm used quantitative model for fund investing developed by inexperienced junior analyst and didn’t tell customers it wasn’t working, SEC says.
Settles SEC charges of inadequate surveillance that led five independent brokers in its franchise to steal almost $2 million from clients over four years.
The U.S. Securities and Exchange Commission said two investment firms and an underwriter settled charges of conspiring to make quick profits by trading newly issued municipal bonds, a practice known as flipping.
Your lawyer can’t take money from your opponent to give you bad legal advice. If you’re on Medicare, your doctor can’t take kickbacks from drug manufacturers for prescribing their drugs. But, under current law, your broker-dealer can receive monetary rewards and other perks for recommending certain investment products, even if those products aren’t in your best interest.
Wall Street’s main regulator is boosting its scrutiny of brokerages that deal in cryptocurrencies, according to two people familiar with the matter, the latest sign that authorities want to know more about a burgeoning market that they fear might be full of misconduct.
Securities and Exchange Commission faults policy-and-procedure deficiencies that allowed Barry Connell to make more than 100 unauthorized transactions in just under a year.
The fast-growing $3.6 trillion U.S. market for exchange-traded funds is poised to get a shot in the arm as Wall Street’s main regulator considers a plan for streamlining its approval process for the products.
Chief executive tells brokers within hours of official death of the fiduciary rule on Thursday that retirement brokerage accounts will be relaunched on Friday.
The U.S. Supreme Court took a step toward consolidating the president’s control over administrative agencies, ruling in favor of an investment adviser found to have misled prospective clients with his “Buckets of Money” retirement plan.
A regulator defends the SEC’s proposed customer-care advice standard as good for investors and flexible for broker-dealers, prompting the head of Sutter Securities to say it presents “real problems” for small and mid-sized firms.
Chardan Capital Markets and Industrial and U.S. unit of the Commercial Bank of China accused of failing to report customer trades of billions of penny-stock shares.