The SEC recently issued new guidance concerning investment advisers use of social media, specifically within the context of public commentary appearing on third party “adviser review” websites. Generally, testimonials (statements of a “client’s experience with, or...
Plea Deal in SAC Insider Trading Case
Yesterday, Manhattan U.S. District Court Judge Laura Swain approved SAC Capital Advisors LP’s (“SAC”) guilty plea. The fund admitted to accepting illegitimate profits and promoting insider trading among its employees. SAC will pay a $900 million criminal penalty,...
FINRA Fines LPL Financial LLC $950,000 for Supervisory Failures
LPL Financial LLC was recently fined $950,000 for its failure to properly supervise the way its brokers sold alternative investments (such as hedge funds or non-traded real estate investment trusts). FINRA alleged that between January 1, 2008 and July 1, 2012, LPL...
