|Comments Off on FINRA Tackles Senior Financial Exploitation

By the year 2050, the number of U.S. residents 65 and older is projected to more than double — from 41 million to 86 million.[1] Baby boomers, defined by the U.S. Census Bureau as those born between 1946 and 1964, have begun to retire and control about 50 percent of the total investable assets in the U.S. — more than $30 trillion in net household wealth.[2] Equally significant, by some estimates, one in five Americans aged 65 and older has been victimized by financial fraud.[3] As wealth continues to concentrate in America’s elderly population, and the elderly population grows ever larger, broker-dealers are increasingly faced with instances of suspected financial exploitation of seniors.

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|Comments Off on SEC Limits Whistleblower’s Award Over Culpability, Delay

The U.S. Securities and Exchange Commission has determined that a whistleblower will receive a fifth of any monetary sanctions collected in an enforcement action sparked by the tipster’s revelations, saying the cap is appropriate due to the whistleblower’s delayed reporting and connection to the violations.

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|Comments Off on U.S. Attorney announces that the Southern District of Indiana has collected 7.7 million dollars in criminal and civil actions in 2016

U.S. Attorney Josh J. Minkler recently announced that his federal office collected for the Southern District of Indiana a total of $7,707,955 in criminal and civil actions in fiscal year 2016

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|Comments Off on Whistleblower Tips, Recoveries on the Rise

Statutory enactments by federal financial regulatory and various state enforcement agencies have made it easier, safer and financially enticing for employees and former employees to report corporate wrongdoing.

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|Comments Off on Biz Group Loses Stay Bid In DOL Fiduciary Rule Challenge

A D.C. federal judge on Wednesday denied a renewed request by a financial services industry group to block the U.S. Department of Labor’s rule expanding the definition of a fiduciary for retirement account investment advisers, saying the court had already determined the DOL’s interpretation was reasonable.

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|Comments Off on FINRA Fines Ameriprise For Missing Fraudulent Transfers

Ameriprise Financial Services Inc. agreed Wednesday to pay a fine to settle the Financial Industry Regulatory Authority’s claims it failed to catch and stop a sales assistant who was siphoning cash from his relatives’ accounts, even though the firm had just improved its supervisory systems after a similar failure.

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|Comments Off on DOL Gets First Victory In Fiduciary Rule Challenges

The U.S. Department of Labor’s so-called fiduciary rule for retirement account investment advisers was promulgated after an adequate analysis and within the agency’s authority, a D.C. federal judge ruled Friday, giving the government its first victory in one of many challenges to the new rule.

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|Comments Off on Government’s Willful Blindness Theories Put Lawyers At Risk

The government’s recent focus on holding individuals accountable for corporate misdeeds is supporting the rise of aggressive theories of prosecution, including the idea that even absent actual knowledge, they should have known something was amiss — and defense experts say that’s an especially dangerous development for attorneys.

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|Comments Off on State regulators reveal top enforcement targets

Agencies brought more cases against registered advisers than unregistered entities, and certain products featured in many of them

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|Comments Off on SEC Wants Firms To Watch Reps With Troubled Pasts

The U.S. Securities and Exchange Commission announced Monday that it is launching exams to test the compliance oversight and controls of investment advisers that hire individuals with a disciplinary history.

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