Three investors have filed a class-action complaint against Charles Schwab for allegedly placing too much of their robo-advisor portfolios in cash positions, ThinkAdvisor reports. Lauren Marie Barbiero, Kimberly Jo Lopez and William Kenneth Lopez, who held Schwab...
Two firms fined by SEC over 12b-1 fees, revenue sharing, and investment selections
Financial Advisor reports that two firms have been penalized by the Securities and Exchange Commission over alleged violations pertaining to 12b-1 fees, revenue-sharing, and investment selections for their advisory clients. The companies—Paradigm Wealth Advisors of...
Investment advisor charged with overcharging and defrauding clients, including pro athletes
The Securities and Exchange Commission has charged a Kansas investment advisor with overcharging and defrauding dozens of clients that included some professional athletes, ThinkAdvisor reports. The SEC obtained a final judgment recently against Douglas E. Elstun, who...
Financial advisor sanctioned by FINRA for impersonating firm clients
The Financial Industry Regulatory Authority is taking disciplinary action against financial advisor Kevin DeAngelis over alleged rule violations involving the impersonation of clients. DeAngelis submitted a Letter of Acceptance, Waiver and Consent (AWC) to settle the...
Kraft Heinz company to pay $62 million to settle charges of long-running accounting scheme
The Kraft Heinz Company has agreed to pay a $62 million civil penalty to settle charges that it engaged in a long-running “expense management scheme,” the Securities and Exchange Commission announced. The SEC said the scheme involved inflated cost savings that...
