The Securities and Exchange Commission announced last week that it has updated its list of firms that are using misleading or inaccurate information to solicit primarily non-US investors. The SEC said it is adding 29 soliciting entities, three impersonators of genuine...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Regulatory Investigations
Wells Fargo pays $35 million penalty over excessive advisory fees
The Securities and Exchange Commission has charged Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC over excessive advisory fees, CNBC reports. Wells Fargo agreed to pay a $35 million civil penalty to settle the SEC’s charges. The case...
SEC issues risk alert on brokers’ compliance with anti-money laundering
The Securities and Exchange has issued a risk alert regarding the compliance of broker-dealers with anti-money laundering (AML) programs, Wealth Management reports. The SEC’s Division of Examinations conducts examinations of firms over their AML and countering the...
SEC approves proposed amendments to its customer protection rule
The Securities and Exchange Commission is proposing amendments to its customer protection rule, InvestmentNews reports. Under the proposed revisions to Rule 15c3-3, certain broker-dealers would be required to increase the frequency with which they compute the net cash...
UBS agrees to pay $2.5 million to settle bondholders lawsuit
A settlement has been reached in connection with a class-action lawsuit filed by clients of UBS Financial Services, AdvisorHub reports. UBS agreed to pay $2.5 million to settle the lawsuit filed by bondholders who asserted common law claims for breach of contract and...