A former broker for UBS was ordered to pay the firm back over $2.3 million but also had the language on his U5 termination form revised, AdvisorHub reports. A Financial Industry Regulatory Authority arbitration panel issued the ruling last month in the case of Bruce...
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Month: June 2022
SEC fines Madison Avenue Securities over breach of fiduciary duties
The Securities and Exchange Commission announced that it is penalizing a registered investment advisor and broker-dealer for misconduct involving the receipt of third-party compensation, reports ThinkAdvisor. The SEC took the action against San Diego based-Madison...
SEC fines Ameriprise subsidiary for improper switching of variable annuities
RiverSource Distributors Inc., a subsidiary of Ameriprise Financial Services LLC, has been fined $5 million by the Securities and Exchange Commission for improper switching or replacing of variable annuities, Financial Advisor reports. The charges involve sales...
Former Wisconsin financial advisor pleads guilty to charges of defrauding his clients
A former Wisconsin financial advisor pleaded guilty in federal court recently to charges of defrauding his clients through a number of misrepresentations, according to ThinkAdvisor. 32-year-old Michael Francis Shillin, a former broker with Raymond James Financial and...
SEC charges hedge fund and owner with $39 million fraud
A Detroit-based hedge fund and its sole owner have been charged with defrauding investors out of $39 million in a multi-year scheme, the Securities and Exchange Commission announced. The SEC filed a complaint in the Eastern District of Michigan against EIA All Weather...