Regulatory & Compliance

Regulatory & Compliance (271)

VALIC FAs Settles with SEC for $40M for Deceiving Teachers

The SEC announced that VALIC Financial Advisors (VFA) will pay $40 million for deceiving teachers in Florida. So reports Financial Advisor


Phishing Emails 'From FINRA' Targeting Brokers

FINRA has warned of a widespread, ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA officers, including Bill Wollman and Josh Drobnyk.


FINRA Sends 50 Potential COVID-19 Related Scams to SEC

FINRA’s National Fraud and Financial Crimes Detection Programs has sent 50 cases to the SEC involving potential fraud by public companies related to COVID-19. So reports Think Advisor.


Ex-Merrill Rep Swindled Pastors, Churchgoers: SEC

The Securities and Exchange Commission charged Phillip W. Conley, an ex-Merrill Lynch registered representative, with a scheme that included “Ponzi-like payments.” So reports Think Advisor.


FINRA to Adopt SEC’s Approach to Reg BI, Form CRS Exams

FINRA said yesterday that broker-dealers can expect the agency to take the same approach to Reg BI and Form CRS compliance exams as the SEC. So reports Think Advisor.


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.


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