Winston Wade Turner was banned by Finra for making unsuitable variable annuity recommendations while working for MetLife and Prudential Financial.
Legislation was finally approved by the House of Representatives to help protect advisers from liability when attempting to stop the exploit of senior citizens.
The SEC has banned Dawn J. Bennett, founder of Bennett Financial Group in Washington, DC, for using false performance documents to obtain wealthy clients. She is ordered to pay more than $4 million in fines and disgorgement.
A securities broker pled guilty in New York federal court on Wednesday to securities fraud in relation to a scheme that bilked investors of lighting company ForceField Energy Inc. out of approximately $131 million, the U.S. Department of Justice said in a statement.
There presently is a trial going on in California involving a woman who was among hundreds of investors who claimed that a Metropolitan Life Insurance agent tricked them into buying unregistered securities as part of 200 million dollar 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.
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.
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.
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.
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.