Regulatory & Compliance

Regulatory & Compliance (266)

Ric Edelman to Congress: Waive Retirement Account Distribution Requirement

Financial advisor Ric Edelman, founder of Edelman Financial Engines, is calling on Congress to immediately pass legislation that would waive a requirement mandating that Americans 72 years old and older take a Required Minimum Distribution for their retirement account.


Massachusetts to Impose a 'True Fiduciary Conduct Standard'

Bill Galvin, the Massachusetts Secretary of the Commonwealth, has filed a statewide regulation that he says “will impose a true fiduciary conduct standard in Massachusetts.” So reports Financial Planning.


Bloomberg Wants to Bring Back Fiduciary Standard

Mike Bloomberg, billionaire and contender for the democratic presidential nomination, released a four-page retirement security policy agenda last week that includes restoring the Labor Department’s fiduciary rule. So reports Investment News.


Ex-Ameriprise Adviser Heading to Jail for 11+ Years

Former financial advisor Li Lin Hsu, 42, is heading to prison for scamming 20 clients out of nearly $8.1 Million. So reports The San Gabriel Valley Tribune.


Ex-Well Fargo CEO Fined $17.5M, Banned from Industry

The Office of the Comptroller of the Currency has banned John Stumpf from the banking industry and fined the former Wells Fargo CEO $17.5 million. So reports CNBC.


SEC's OCIE: Brokers, Advisors an Area of Focus in 2020

The SEC's Office of Compliance Inspections and Examinations (OCIE) announced its 2020 Examination Priorities.


Ex-Football Player Gets 40 Years in Jail Again for Investment, Loan Scheme

Justice has been served for 63 investors who lost $9 million. U.S. District Judge John A. Gibney Jr. sentenced Merrill Robertson Jr., 39. Robertson, a former standout football player at L.C. Bird High School and the University of Virginia to 40 years in prison. So reports The Washington Post


Jefferies to Pay $3.9M to Settle ADR Charges

Jefferies has decided to dish out $3.9 million to settle Securities and Exchange Commission charges of abuses associated with American Depositary Receipts (ADRs). So reports Reuters.


Advisor Scam Involved False Claims of Taylor Swift and Bill Gates

The New Hampshire Bureau of Securities Regulation alleges that former financial advisor Dan Stokes of Fremont, New Hampshire, misallocated up to $576,000 that he raised from clients by falsely claiming he would invest the assets in a charity that involved Taylor Swift and Bill Gates. So reports the Union Leader.


New York Fines Insurers $1.83M Over Annuity Sales

The New York Department of Financial Services has fined six U.S. life insurers $1.83 million for recommending that their clients switch their annuities for other products that generated less income. So reports Reuters.


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