Archive

Merrill Lynch FAs Will Experience Pay Cuts Unless They Meet Certain Targets

As Merrill Lynch brokers appear to lag behind their competitors at Morgan Stanley, some FAs at the firm are probably not looking forward to seeing their paychecks this summer season. Based on Merrill’s new compensation…
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CFTC Tells Judge It Has Jurisdiction Over Cryptocurrencies

A few days before issuing the recent advisory for the cryptocurrency market, the Commodity Futures Trading Commission told the judge in the case against My Big Coin Pay Inc. that cryptocurrencies are commodities, and are therefore…
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CFTC Staff Advisory Offers Guidance for Listing Cryptocurrency Derivative Products

On May 21st, the Commodity Futures Trading Commission issued a new document offering valuable guidance for registered market participants. The head of the CFTC’s Division of Market Oversight, Amir Zaidi said in an accompanying press…
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Anti-Money Laundering and Sanctions Compliance: New Challenges for Financial Institutions

In a complex and shifting global scenario, the financial industry faces numerous challenges relating to anti-money laundering (AML) compliance. In a rapidly changing regulatory environment, within an unstable geopolitical context, financial institutions have to adapt…
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Delaney Equity Group Could Face Probation and Steep Fines in “Shell Factory” Case

Last week, federal prosecutors charged Delaney Equity Group with participating in a fraudulent scheme involving the sale of bogus shell company shares. The Florida-based broker-dealer allegedly conspired to sell shares of fraudulent microcap companies to…
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SEC and CFTC Cryptocurrency Regulation Chronology and Outlook for the Rest of 2018

The over 80 subpoenas recently issued to companies in the cryptocurrency sector have provided a logical corollary to the agency’s many warnings about ICOs potential violations of security laws. The time for warnings is over….
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SEC Court Order Follows Jay-Z Refusal to Cooperate

Hip-hop star Shawn Carter, aka Jay-Z, has just received a subpoena to appear in court after he failed to testify in connection with the SEC’s probe into Iconix Brand Group’s accounting practices. Iconix acquired intangible…
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“CRAEFUL!” The Do’s & Don’ts of Cryptocurrency and ICO Investing

Recently, British comedian John Oliver dedicated his weekly show to cryptocurrency. Drawing from a seemingly endless supply of ICO Ponzi schemes, pump-and-dumps, and grandiose cryptocurrency speakers, the program emphasized the hitherto lax regulations that have…
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FINRA Imposes $550,000 Fines on Aegis Capital Over Anti-Money Laundering Violations

FINRA has fined Aegis Capital Corp. $550,000 for failing to implement required anti-money laundering (AML) and supervisory programs designed to prevent fraudulent activity. The violations specifically affected low-priced securities transactions involving DVP (delivery versus payment)…
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FINRA Fines Wedbush Securities $1.5 Million Over Violations Related to Customer Reserves and Net Capital Requirements

FINRA recently announced monetary sanctions against Wedbush Securities in the amount of. $1.5 million for SEC rule violations and associated compliance failures. According to FINRA, Wedbush violated the SEC Customer Protection Rule, which requires broker-dealers…
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