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The Certified Financial Planner Board of Standards has announced sanctions against 17 current or former certified financial planners for various violations of the profession’s ethical standards. The sanctions taken, in order of increasing severity, included two public...
A Florida-based company and three of its executives have been charged with orchestrating a fake trading scheme, the Securities and Exchange Commission announced. The SEC filed its complaint against Empires Consulting Corp., also known as EmpiresX, along with company...
An arbitration panel has awarded $52.1 million to a former fund manager for D.E. Shaw & Co. over his defamation complaint, according to AdvisorHub. The Financial Industry Regulatory Authority arbitrators ruled in favor of Daniel Michalow, who was fired by D.E....
A former advisor for Vanguard Group is facing a lawsuit over allegations he violated a nonsolicitation agreement by recruiting some of his former clients, Financial Advisor reports. Vanguard filed suit in the U.S. District Court for the Western District of North...
The accounting firm Ernst & Young will have to pay a $100 million penalty after an investigation determined that employees had cheated on exams, the Securities and Exchange Commission announced. According to AdvisorNews, the SEC said Ernst & Young (EY)...
A crackdown on clandestine messaging by traders and dealmakers on Wall Street appears to coincide with a string of WhatsApp enforcement actions in the brokerage industry from the Financial Industry Regulatory Authority. Finra this year alone has sought sanctions three...
The Securities and Exchange Commission said that UBS Financial Services Inc. has agreed to pay about $25 million to settle fraud charges involving its Yield Enhancement Strategy known as YES, reports AdvisorHub. According to the SEC’s order, UBS marketed and sold YES...
The Securities and Exchange Commission announced it has charged a Pennsylvania based credit ratings firm and its founder with violating certain conflict of interest provisions. The firm, Egan-Jones Ratings Company, is a nationally recognized statistical rating...
The New Jersey Bureau of Securities took action against a company it said was responsible for a massive nationwide securities fraud, reports AdvisorNews. The state regulators issued a summary cease-and-desist order to National Realty Investment Advisors, LLC (NRIA),...
Following a review of digital engagement practices used in the financial industry, the Securities and Exchange Commission plans to propose new rules in this area, according to ThinkAdvisor. The SEC has expressed concern over how game-like features and other tools...
