Archive

FINRA Proposes New Rules, Releases Budget for the First Time

Last December, FINRA made public its 2018 budget and updated Financial Guiding Principles, after approval by the SRO’s Board of Governors. In a new information release, the SRO also detailed several rule proposals for the…
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SEC and CFTC Say Cryptocurrency and ICO Trading No Longer Off Their Radars

In a commentary that appeared in the Wall Street Journal, Jay Clayton, chairman of the Securities and Exchange Commission, and J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, referred to the new regulation scenario…
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CFTC Targets Multi-Million Dollar Cryptocurrency Fraud with Multiple Suits

In line with its expressed intent to increase its oversight over the cryptocurrency market, the Commodity Futures Trading Commission has filed three related fraud suits in a single week. The third lawsuit targets the creators…
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FINRA Plans to Crack Down on High-Risk Brokers, Are You at Risk?

In conversation with Chip Jones, FINRA’s Senior Vice President of Member Relations and Education, Mike Rufino, Executive Vice President and Head of FINRA Member Regulation—Sales Practice expanded on Robert Cook’s 2018 Priorities Letter, which was…
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FINRA Rules 2165 & 4512 – Elder Abuse in the Securities Industry

Based on research conducted by the National Center on Elder Abuse, 16% of elder abuse was caused by financial exploitation, which ranked third followed right after self-neglect and neglect by others. This percentage had increased…
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Former SEC Chair Warning: Lack of Oversight of Registered Investment Advisors an Impending Disaster

According to former Securities and Exchange Commission Chair Mary Jo White, the SEC insufficient examination of registered investment advisors is a “disaster waiting to happen.” Without adequate oversight, misconduct at small advisory firms could be…
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Morgan Stanley No Longer Bound by the Protocol for Broker Recruiting

In a move that could be categorized as ‘seismic,’ Morgan Stanley has decided to quit the Protocol for Broker Recruiting. Originated in 2004, the document created a methodology to engineer the departure of brokers from one…
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SEC Enforcement Actions and Fines Plummet Under Trump

Much has been said about the Trump’s administration effect on the SEC’s regulatory activities. Now, hard data confirms what we all suspected: under Trump, the Securities Exchange Commission has brought fewer enforcement actions and reduced…
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Sandlapper Securities and CEO Trevor Gordon Named in FINRA Exorbitant Fees Complaint re: Saltwater Well Investments

FINRA recently filed a complaint against a South Carolina-headquartered broker-dealer that allegedly charged exorbitant fees in connection with saltwater disposal well investments. The defendant, Sandlapper Securities, is a mid-size firm that employs about 60 brokers…
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Former UBS Broker Wins $3 Million in Defamation Case

A FINRA arbitration panel has just awarded James L. Springer Jr.; a Sarasota investment adviser, $3 million in damages, to be paid by his former employer, UBS. Springer, who managed  $350 million in client assets…
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