Claus Foerster, formerly of Spartanburg, S.C., has been sentenced to two years in jail and has been ordered to pay $3.5 million in restitution after getting caught with stealing assets from clients. So reports WYFF.
Expectations that President-elect Donald Trump and the Republican controlled Congress will kill the Department of Labor’s Fiduciary Standard are growing, but many firms are continuing to prepare for the rule nonetheless. So reports Bloomberg BNA.
The Securities and Exchange Commission is considering a new rule that would require investment advisors to have business continuity and transition plans to deal with cyberattacks, natural disasters, and the closing of their businesses. So reports Seeking Alpha.
A study by the Booth School of Business has concluded that advisor misconduct is “pervasive” and that 7% of advisors have faced disciplinary action, says Amit Seru, a professor of finance at the school and one of study’s authors. So reports The Week.