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...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: September 2021
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...
New supplemental liquidity schedule established by FINRA
The Financial Industry Regulatory Authority announced the establishment of a new Supplemental Liquidity Schedule, effective March 1, 2022. FINRA implemented the schedule (SLS) as a measure intended to improve its ability “to monitor for events that signal an adverse...