|Comments Off on ‘Mini-Madoff’ Associate Gets 6.5 Years For Ponzi Scheme

A former New York investment broker was sentenced to six-and-a-half years in prison by a New York federal judge Friday for her role in a $370 million Ponzi scheme that led to $150 million in losses for 3,800 investors, the U.S. Department of Justice said.

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|Comments Off on Why Plaintiffs Firms Will Love DOL’s New Fiduciary Rules

The U.S. Department of Labor’s fiduciary rules give more power to retirement savers, experts said, providing investors and their attorneys an important new tool to bring claims when they suspect their broker-dealer doesn’t have their best interests at heart.

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|Comments Off on DOL Fiduciary Rule Can Save Investors $190B, Court Told

The U.S. Department of Labor’s new fiduciary rule for retirement investment advisers will save consumers anywhere from $95 billion to $189 billion over the next decade by reducing industry-pervasive conflicts of interest, the agency told a D.C. federal court Friday, denying the rule goes too far.

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|Comments Off on SEC Eyeing Advisers’ Share Class Conflicts Of Interest

The U.S. Securities and Exchange Commission told financial advisers on Wednesday that it will start probing whether they are improperly pushing more expensive types of mutual fund or college saving plan shares without disclosing the fees they receive.

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|Comments Off on Department of Labor Rolls Out New Rules for Financial Advisers: What They Mean for Reporters

Despite a shift towards more transparency in the financial planning industry, many investors still aren’t sure what they are paying their financial advisers, USA Today reported.

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|Comments Off on The SEC and Finra Tighten Their Grip on Money Laundering Violations

Regulators are clamping down on money laundering violations among brokerdealers in firms of all sizes, regardless if they have the proper compliance resources or not. Brokerdealers of small and medium sized firms should brace themselves for increasing regulations involving their compliance practices.

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|Comments Off on Massachusetts Looks to Hammer Shady Brokers

The top 241 firms in Massachusetts with an above average number of reps with misconduct reports on their records are being audited.

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|Comments Off on SEC Bans Broker For Fraud in Tobacco Scheme

Lee Weiss, a Massachusetts resident, was banned from the brokerage and investment industry for a fraud scheme revolving around tobacco.

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|Comments Off on Ex-Stockbroker Gets Decade In Prison For Fake CD Scheme

A former stockbroker who pled guilty to fraud charges for bilking investors through fake certificates of deposit was ordered by a Pennsylvania federal court on Thursday to pay over $3 million in restitution and serve a 10-and-a-half-year sentence, according to the U.S. Securities and Exchange Commission.

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|Comments Off on Ex-MedCap Prez Gets 10 Years For $50M Investor Fraud

A California federal judge has sentenced Medical Capital Holdings Inc.’s ex-president to serve more than 10 years in prison and pay nearly $40 million for allegedly operating a $50 million Ponzi scheme that defrauded hundreds of investors, federal prosecutors said Wednesday.

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