The Securities and Exchange Commission announced it has voted to propose new rules intended to protect private fund investors and tighten the regulation of private fund advisors. In an effort to improve transparency, one proposal would require registered private fund...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: February 2022
J.P. Morgan reaches settlement in dispute with Chicago RIA Cresset
A legal dispute between J.P. Morgan and Cresset Asset Management, a Chicago-based registered investment advisory firm, has ended in a settlement, according to AdvisorHub. In a lawsuit filed last May, J.P. Morgan claimed Cresset co-chairman Douglas P. Regan recruited...
Former New York Life advisor sentenced to 11 years for stealing $1.3 million from elderly client
A former representative for New York Life Securities has been sentenced to 11 years in prison after he was convicted of stealing over $1.3 million from an elderly client, ThinkAdvisor reports. 52-year-old Furman Alexander Ford of Raleigh, North Carolina was found...
FINRA sets June 1 evaluation date as part of new rule for restricted firms
The Financial Industry Regulatory Authority has issued a notice setting June 1 as the date it will begin the process of determining which of its member firms will be categorized as restricted firms. Under FINRA Rule 4111, which took effect on Jan. 1, firms with a...
Judge vacates FINRA award, finding Wells Fargo “manipulated” arbitration process
A judge in Georgia has vacated a decision by Financial Industry Regulatory Authority arbitrators that went in favor of Wells Fargo, according to a report by AdvisorHub. In her ruling issued Jan. 25, Fulton County Superior Court Judge Belinda E. Edwards said that FINRA...