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.
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.
The top 241 firms in Massachusetts with an above average number of reps with misconduct reports on their records are being audited.
Lee Weiss, a Massachusetts resident, was banned from the brokerage and investment industry for a fraud scheme revolving around tobacco.
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.
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.