Regulatory & Compliance

Regulatory & Compliance (279)

Another FA Sent to Jail for Scamming Pro Athletes

Former financial advisor Ash Narayan, 55, was sentenced to 37 months in federal prison for scamming several professional athletes, including ex-NFL quarterback Mark Sanchez, and MLB pitchers Jake Peavy and Roy Oswalt. So reports the Los Angeles Times.

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What Does Joe Biden Win Mean for Advisors?

Experts and observers say that the victory of Joe Biden likely means retooled regulations, new retirement plan rules and possibly higher taxes for wealthy Americans. So reports Financial Planning.

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Former FA Gets 6 Years in Jail in Historical Chinese Bond Scheme

Gregory Alan Smith, 58, and formerly a financial advisor in Shreveport, La, was sentenced to 72 months in prison for conspiracy to commit wire fraud. So reports the Shreveport Times.

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Ex-advisor Sentenced to 17 Years in Jail for Swindling NHL Stars

Phillip Kenner, a former financial advisor from Boston, has been sentenced to 17 years in jail for defrauding several NHL stars, including Michael Peca, Darryl Sydor, Bill Ranford, Bryan Berard, and Sergei Gonchar. So reports Wealth Professional.

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Morgan Stanley to Pay $60M for Data Protection Miscue

Morgan Stanley has agreed to pay $60 million to settle claims that the bank failed to properly safeguard customer information when it decommissioned two wealth management data centers. So reports Compliance Week.

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Mass. Advisor Guilty of Stealing $4M from Clients

Gerald Eaton, a Massachusetts-based investment advisor and financial planner working for Heritage Financial Group pleaded guilty to stealing in excess of $3.7 million. So reports Patch.

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FINRA Sanctions Ex-Edward Jones Broker for Directly Settling with Customer

The Financial Industry Regulatory Authority (FINRA) has suspended and fined Michael A. Erwin, a former Edward Jones & Co. broker based in Topeka, Kansas, for negotiating his own settlement with an unhappy customer. So reports Advisor Hub

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SEC Says Pandemic Increases Risk of Advisor Wrongdoing

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued an alert that market turbulence caused by the COVID-19 pandemic may heighten “the risks of misconduct in various areas that the staff believe merit additional attention.” So reports Think Advisor.

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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

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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.

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