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Registered Rep.
August 30, 2006
David A. Geracioti |
American Funds Slapped Today, an NASD Hearing Panel fined American Funds Distributors, the principal underwriter and distributor of the shares of the American Fund family, for directed brokerage.   |
Investment Advisor
November 2005
Melanie Waddell |
The Playing Field: Round Two of Market Timing The SEC designed Rule 22c-2 to help mutual fund companies deal with market timing, but is it working? |
Registered Rep.
February 17, 2005
John Churchill |
NASD Charges American Funds with Directed Brokerage Violation Saying it's just as impermissible to make directed brokerage payments as it is to receive them, the NASD charged American Funds---one of the country's most reputable asset managers---with paying kickbacks to brokerages for selling its funds. |
Registered Rep.
August 20, 2004 |
Meting out Justice: NASD Issues 'Extraordinary Remedy' on Broker/Dealer for Market-Timing Abuse In its investigation, the regulator found that from January 2001 through August 2002, National helped four hedge fund clients conduct market-timing in 13 funds that prohibited or restricted such activity. |
Registered Rep.
September 1, 2005
Karen Donovan |
Under Siege Executives of broker/dealer firms are not exaggerating when they say it seems like regulators are locked into a competitive battle to collect the most pelts on Wall Street. |
The Motley Fool
May 20, 2004
Tim Beyers |
American Express Unit in Scandal The broker could be a target of a regulatory inquiry into mutual funds revenue-sharing. How can you tell if your own broker or advisor has a conflict of interest? |
Investment Advisor
May 2006
Ryan G. Murphy |
B/D Briefing: News & Products Fines, Complaints, Mergers: The NASD fined American General Securities Inc... NASD announced the promotion of James Shorris... Raymond James Financial selected PlanningStation... etc. |
Financial Planning
October 1, 2006
Lynn Hume |
The Bond Buyer A NASD hearing panel has censured and imposed a $5 million fine on American Fund Distributors for directing $98 million in brokerage commissions over three years to 50 broker-dealer firms in order to reward them for being top sellers of its funds. |
Registered Rep.
March 24, 2005
Kristen French |
Mutual Fund Enforcement Picks Up Steam On March 23, the SEC and NASD handed out fines in mutual fund-related punishments totaling more than $80 million to five firms. And that is likely just the beginning of a coming avalanche of similar regulatory actions, legal experts say. |
Registered Rep.
September 14, 2006
Halah Touryalai |
NASD Fines Securities America for Failure to Supervise Securities America was fined $2.5 million for failing to supervise an advisor who allegedly lured clients into early retirement with exaggerated promises of high returns. |
Registered Rep.
April 1, 2005
Luxenberg & French |
A Pile of Reasons Regulators and broker/dealer management have gone overboard with mutual fund disclosure. Take the case of the B-share class of mutual funds. |
Registered Rep.
October 25, 2006
Halah Touryalai |
Another One Bites the Dust: Broker Fined Record Amount for Market-Timing Scheme The NASD fined Paul Saunders, a registered rep, CEO and majority owner of James River Capital Corporation, $2.25 million. That sum represents the largest fine against an individual for marketing timing, including disgorgement of about $750,000 in illegal profits. |
Investment Advisor
April 2008 |
News & Products, April 2008 FINRA has settled cases against five firms... Fidelity Investments has agreed to pay an $8 million penalty... FINRA fined and suspended 16 registered reps of State Farm VP Management Corp. of Bloomington, Illinois... etc. |
Registered Rep.
May 1, 2005 |
Blotter Not-So-Hot IPO: The NASD fined Thomas Weisel Partners for levying exorbitant commission charges on "hot" IPO shares... Expelled, Reinstated, Expelled: Brokerage firm LH Ross was officially expelled from the securities industry and fined... etc. |
Registered Rep.
February 1, 2005 |
Blotter Banc One Is No. 1 -- in Fine Size... Fleecing the Flock... Morgan Gets a Slap... |
Investment Advisor
June 2007
Kara P. Stapleton |
News & Products NASD has fined two Fidelity broker/dealers for preparing and distributing misleading sales literature... The broker/dealers of ING plan to lower fees that their advisors pay on two core advisory programs... etc. |
Registered Rep.
August 29, 2006
Kristen French |
Pru Agrees to $600 Million Market-Timing Settlement Prudential Equity Group admitted to criminal wrongdoing in connection with the market-timing practices of a number of its brokers between 1999 and June, 2003. |
Registered Rep.
November 1, 2006
John Churchill |
Blotter SEC Busts Another Ponzi... Broker Bends for Hedgies... NASD Says Firm Ignored Red Flags... |
Registered Rep.
November 7, 2006
Kevin Burke |
NASD Whacks Two Firms with Fines Over Ill-Advised 529 Sales The NASD said on Monday that it has fined Chase Investment Services and MetLife Securities for failing to establish internal controls to supervise the sale of 529 college savings plans. |
The Motley Fool
August 30, 2007
Selena Maranjian |
A Better Way to Check Your Broker? A former SEC guy is aiming to help you steer clear of ne'er-do-wells. Meanwhile, make sure that the brokerage you're using is best for your needs. Odds are, you can find a better brokerage that charges you less or offers more services. |
Registered Rep.
June 1, 2005
Karen Donovan |
No More Slap on the Wrist Regulators are getting tough and creative on registered reps because they suspect that fines aren't a strong enough deterrent to stop illegal behavior. |
Registered Rep.
April 7, 2005
Kristen French |
NASD Advocates More Disclosure, Less Paper Broker/dealers and their reps may get a big break on point-of-sale disclosure if the Securities and Exchange Commission heeds recent NASD advice. |
Registered Rep.
December 1, 2006
John Churchill |
Blotter Shelf Space No No... Broker Gets 14 Years... |
Registered Rep.
March 1, 2007 |
Blotter SEC Front Running Probe... NASD Fines Bank of America... |
Registered Rep.
January 18, 2006
John Churchill |
NASD Enforcer Departing for the Dark Side Barry Goldsmith, the NASD's executive vice president for enforcement, will be leaving the regulator in March for private practice at the Washington, D.C.-based law firm Gibson Dunn & Crutcher. |
Registered Rep.
August 10, 2004
John Churchill |
Hidden Market-Timers A new study of mutual fund firms' enforcement capabilities affirms what many in the industry have known for some time---that omnibus accounting practices by fund intermediaries make catching timers virtually impossible. |
Registered Rep.
June 1, 2006 |
Blotter Broker Behind Bars... No Millions for Whistle-Blower... NASD Boots Violation Riddled Firm... |
Registered Rep.
July 1, 2006
John Churchill |
Blotter SEC Tackles Wachovia Insider... Supervisory Meltdown... Market Timing Geeks... |
The Motley Fool
July 18, 2007
Selena Maranjian |
Check Out Your Broker Finding the perfect broker to whom you would entrust your hard-earned money is difficult. "BrokerCheck," a new online tool from NASD, makes it easier to weed out the unscrupulous ones. |
Registered Rep.
May 1, 2005
Kristen French |
Scandal Scorecard: Mutual Funds on Top With the SEC and NASD recently levying more than $80 million in fines to five firms (for transgressions related to revenue sharing and B shares), mutual fund sales practices officially sit on the front burner. |
Registered Rep.
August 17, 2005
Kevin Burke |
NASD Tightens Noose on Hedge Fund Sales Practices A top National Association of Security Dealers official said on Wednesday that the regulatory agency has launched an investigation into brokers selling hedge funds to individual investors without alerting them to the potential risks. |
Registered Rep.
July 30, 2003
Will Leitch |
SIA Says "Me Too" on Sales Fee Investigations Amid the brewing investigations into mutual fund sales practices, the Securities Industry Association came out last week in support of the new Joint NASD/Industry Task Force. |
Registered Rep.
November 1, 2006
Halah Touryalai |
The Indie Man An interview with John Simmers, CEO of ING Advisors Network, about his multiple duties, including issues facing his firm and others like it, as well as recent attacks on the NASD's credibility as a voice for small firms. |
Registered Rep.
January 1, 2005 |
Blotter John Van, head of Murphy Van Securities, was barred from the industry... The NASD fined 29 firms a total of $9.2 million for late reporting... The NASD's mutual fund task force released its initial report... |
Registered Rep.
August 1, 2004
Will Leitch |
The Reformation When the scandal craze that has gripped the securities industry first began two years ago, few in the industry recognized how deep it might go. |
Registered Rep.
September 1, 2004
John Churchill |
Hidden Market-Timers A new study of mutual fund firms' enforcement capabilities affirms what many in the industry have known for some time --- omnibus accounting practices by fund intermediaries make catching timers virtually impossible. |
Registered Rep.
December 1, 2006
Kevin Burke |
529 Sales Caught in Sweep The NASD fined Chase Investment Services and MetLife Securities for failing to establish internal controls to supervise the sale of 529 college savings plans. |
Registered Rep.
April 1, 2007 |
Turf Wars Over Advice The age-old debate between the b/d and investment advisor (RIA) industries over who should be able to provide advice and when, and whose regulatory regime offers better investor protections, is far from over. |
Registered Rep.
February 23, 2005
John Churchill |
Janney Montgomery to Merge with Parker/Hunter Observers say the deal is a sign of things to come, as smaller firms look to acquire economies of scale that will help them compete more effectively in the compliance-intensive brokerage business. |
Registered Rep.
January 12, 2006
John Churchill |
Schapiro in for Glauber at NASD 2007 The NASD Board of Governors announced today that Mary Schapiro, currently the self-regulator's head of Regulatory Policy and Oversight, will become the NASD's chairwoman when the term of its current chief ends in December 2006. |
Registered Rep.
March 1, 2007
Bill Singer |
Don't Mess with Suspension Rules If you are like most working people, you go to the office every day. And, if you like your job, it can even be hard to stay away. But if you are a financial advisor and get a suspension from the NASD, don't give in to temptation. Stay away. Go on vacation. |
The Motley Fool
February 17, 2005
Tim Beyers |
Is American Funds Un-American? And you thought the fund scandal was over. But don't despair; there is something you can do. From now on, recognize that your broker and advisor are often salespeople first. Your portfolio will thank you for it. |
Registered Rep.
December 1, 2004
Will Leitch |
SOS It is an ominous time for small broker/dealers, for everyone from the chairman to the local rep. As always, the best way through the uncertainty is ingenuity. |
Registered Rep.
July 1, 2005
Christopher O' Leary |
The Fund Family That Said No While in the past few years many funds sued by regulators have been quick to settle, American, the second-largest fund family in the U.S. with $650 billion in assets is fighting back. |
The Motley Fool
October 18, 2005
W.D. Crotty |
The Wreckage of Refco The futures and derivatives broker continues its spectacular collapse. |
Registered Rep.
January 8, 2003
Will Leitch |
NASD: Firms Are Overcharging Clients The NASD, acting on a tip acquired during an investigation, has sent several brokerage firms word that it has discovered brokers are not providing earned discounts to mutual fund investors, therefore overcharging them. |
The Motley Fool
March 24, 2005
Tim Beyers |
B Is for Broker More fines against fund industry bigwigs. What a shocker. |
Investment Advisor
December 2006
Kara Stapleton |
News & Products Goldman Sachs and Lehman Brothers won Diversity Leadership Awards... The SEC announced that three subsidiaries of Hartford Financial Services Group, Inc... etc. |
BusinessWeek
October 20, 2003
Dwyer & Thornton |
Mutual Funds Feel The Heat Did they feed information to hedge funds, brokers, and others? |
Registered Rep.
November 1, 2005 |
Supplemental Inquiry Q: Is there any way my employer can find out if I receive W-2 income from other sources... Q: Recently at a social event, a co-worker's client told me another local broker (who is a competitor) had made some disparaging remarks about my co-worker... etc. |
