Archive

FINRA Fines VALIC Financial Advisors $1.75M for Compensation Plan Conflicts of Interest

VALIC Financial Advisors Inc. has agreed to pay $1.75 million to resolve Financial Industry Regulatory Authority (FINRA) allegations that the firm failed to implement reasonable systems to address and review conflicts of interest created by its compensation policy, FINRA reported Monday. The Houston-based subsidiary of American International Group…
read more

Avoiding Emerging Cybersecurity Whistleblower Pitfalls

Securities law violations are a major focus of regulatory compliance programs across the industry. Yet not all organizations realize the threat cybersecurity breaches pose to company viability. A new breed of corporate whistleblower is cropping up among marketplace professionals – the cybersecurity whistleblower. Compliance professionals and executives should…
read more

SEC Announces Record Enforcement Actions for FY2016

On October 11, 2016, the U.S. Securities and Exchange Commission (SEC) released its fiscal year 2016 (FY2016) enforcement results, reporting collections totaling over $4 billion in disgorgement and penalties out of a record 868 enforcement actions against executives, companies and gatekeepers. SEC enforcement proceedings for FY2016 focused largely on cybersecurity…
read more

Capital Acquisition Brokers: Is FINRA’s New Broker-Dealer Category a Good Deal?

On August 18, the U.S. Securities and Exchange Commission (SEC) announced it has adopted new rules proposed by the Financial Industry Regulatory Authority (FINRA) that lessen the requirements for “capital acquisition brokers” (CABs) – firms that serve to advise private placements or mergers and acquisitions and aren’t involved with managing…
read more

Andrew Ceresney: SEC Enforcement Expands Focus on Private Equity Broker-Dealer Activities

Maryland private equity fund advisory firm, Blackstreet Capital Management, LLC, and its owner, Murry N. Gunty, have agreed to pay more than $3.1 million to resolve allegations they violated the Securities Exchange and Investment Advisors Acts, the U.S. Securities and Exchange Commission (SEC) announced Wednesday. The enforcement action…
read more

FINRA’s Top 5 Enforcement Action Sanctions Of 2015

In 2015 alone, the Financial Industry Regulatory Authority (FINRA) brought more than 1,510 disciplinary actions, charged $95.1 million in fines and ordered $96.6 million in restitution payments. Those violations resulting in the largest fines and monetary sanctions imposed in 2015 provide a good indication of the deficiencies FINRA…
read more