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Registered Rep.
September 1, 2004
Namita Devidayal |
A Fitting Problem Having found the securities industry severely wanting in its policing of research conflicts, market-timing and fee disclosures, the regulators are looking to see if similar abuses exist in the insurance industry.   |
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.
February 11, 2004
John Churchill |
Dueling Trend Lines on Complaints Brokers have become more attuned to investor complaints in recent years, but they must be forgiven if they're having a hard time drawing conclusions from the trend numbers reported by regulators. |
Registered Rep.
January 1, 2007
Alan Lavine |
Fish or Fowl? Are equity-indexed annuities securities or insurance? The NASD offered only loose recommendations to member firms about how sales of this product should be conducted and supervised, but most broker/dealers are implementing them anyway. |
Registered Rep.
October 1, 2006
Stan Luxenberg |
The Best of Both Worlds Is the line between funds and annuities disappearing? Not yet; regulators and corporate bureaucracies insist on separating the two investments. But in the next decade, the distinctions could blur. |
Registered Rep.
April 1, 2005
Bill Singer |
Two-Tiered Justice? A recent SEC report shows that the NASD is far less enthusiastic about policing itself --- despite the fact that such self-regulation is part of its charter. |
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. |
Investment Advisor
June 2006 |
Group Think The SEC said it will reduce fees on securities transactions and registrations by $1 billion... The NASD issued a warning to investors that cashing out of their 401(k) assets at even a modest level can have a potentially devastating effect... etc. |
Registered Rep.
September 8, 2006
Halah Touryalai |
An Offer They Can't Refuse UBS is doing all it can to hold onto as many of the advisors at newly acquired Cleveland-based McDonald Investments as possible -- beginning with a retention package that will be hard to refuse. |
Registered Rep.
April 1, 2005
Will Leitch |
Elder Abuse, Advisor Style The NASD says it will propose "significant" regulatory changes to the way variable annuities are sold, claiming elderly clients are being "scared" into investing in products against their best interests. |
Investment Advisor
June 2006
Elizabeth Festa |
B/d Briefing: Regulating Annuity Sales The NASD is taking steps to assess oversight of the sales of all types of annuities by the patchwork quilt of regulatory agencies overseeing the products and move toward a level playing field of regulation without formulating any new rulemaking of its own. |
Registered Rep.
May 17, 2006
John Churchill |
Monster Arbitration Ruling Against Ameriprise Unit An NASD Arbitration panel awarded 32 retired Exxon employees a total of $22 million in damages for losses suffered when their broker put most of their savings in variable annuities and B-share mutual funds. |
Registered Rep.
January 12, 2006
John Churchill |
UBS Dinged $50 Million for Market Timing New York Stock Exchange Regulation, along with the New Jersey Bureau of Securities, today announced that UBS Financial Services was fined $49.5 million for failure to supervise the deceptive market timing activities of its brokers. |
Registered Rep.
September 1, 2005
Chris O'Leary |
The Trouble With Annuities For registered reps, annuities, one of the most lucrative and complex items in an advisor's repertoire, can appear to be a cure-all for clients. Clients seem to love them, because of the guaranteed income -- even if they don't understand them. |
Financial Planning
August 1, 2008
Andrew Ackerman |
In First, Mass. Sues UBS In the first state-level lawsuit against an investment firm over auction-rate securities, Massachusetts has filed securities fraud charges against UBS for selling retail investors auction-rate paper as "liquid, safe, money-market" instruments even though the defendants knew it was not. |
Registered Rep.
June 24, 2004
John Churchill |
Morgan Stanley Sued by New Hampshire Regulators New Hampshire securities regulators are suing Morgan Stanley, charging that in 2002 the firm encouraged its brokers to sell proprietary mutual funds by using sales contests, a violation of NASD rules. |
Financial Advisor
May 2004
Alan Lavine |
Dramatic Changes Loom For Mutual Fund, Annuities Sales Proposed disclosure rules could hurt level-load sales. |
Registered Rep.
April 1, 2006
John Churchill |
Blotter Regulators Collar Bear... Pattern of Abuse... Junk Fax Scalping... Judge Freezes Ponzi Scheme... |
Registered Rep.
August 1, 2005 |
Blotter Tip for Terry -- Get a Lawyer... More Annuity Naughtiness... |
Registered Rep.
January 16, 2004
John Churchill |
NASD Charges Waddell & Reed With Violations The NASD Wednesday slapped Waddell & Reed with more than 6,700 complaints, charging that the firm systematically encouraged brokers to recommend unsuitable variable annuity exchanges to its customers. |
Registered Rep.
December 12, 2006
John Churchill |
Spitzer: Thousands of UBS Clients Raped by Wraps The New York Attorney General's Office announced today that it is suing UBS Financial Services for allegedly defrauding thousands of customers through its InsightOne fee-based brokerage program. |
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.
September 6, 2006
John Churchill |
UBS Buys Another Brokerage With the ink still drying on its deal to purchase Piper Jaffray's brokerage arm, Swiss firm UBS announced today it will now buy Cleveland-based McDonald Investments, KeyCorp's brokerage unit. |
Financial Advisor
April 2004
Tracey Longo |
Wanted: Real Disclosure Rules on brokers compensation disclosure are changing---but slowly. |
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.
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.
February 18, 2009
John Churchill |
UBS Nailed With $780 Million Fine, Admits To Aiding Tax Dodge Clients The U.S. government has taken its pound of flesh from UBS today. According to a Department of Justice press release. |
Registered Rep.
July 25, 2007
Kevin Burke |
Smith Barney Fined $50 Million for Market Timing; More Firms, Reps To Be Fined So you thought the market timing scandal was over? Think again. |
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. |
BusinessWeek
June 23, 2011
Margaret Collins |
Variable Annuities: Lifelong Income, High Cost Guarantees make annuities more appealing - and more complex. |
Registered Rep.
February 21, 2007
John Churchill |
Who's Watching the Watcher? No One, Apparently The NASD fined Raymond James Financial Services $2.75 million today for inadequate sales supervision of its producing branch managers. |
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.
November 1, 2005 |
Blotter Cooked Books... Direct Violation... Busted Market Timers... |
Registered Rep.
February 1, 2005 |
Blotter Banc One Is No. 1 -- in Fine Size... Fleecing the Flock... Morgan Gets a Slap... |
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. |
Registered Rep.
May 1, 2004
Anne Field |
Et tu, 529 Plans Both the NASD and the SEC have revealed they are separately investigating yet another area within the financial services sector: 529 college savings plans. |
Financial Planning
December 1, 2006
Lynn Hume |
The Bond Buyer As the popularity of 529 plans has grown, federal regulators have worried that unwitting consumers may be unaware of the state-tax benefits offered by their in-state plans. |
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. |
Registered Rep.
February 18, 2004
John Churchill |
SEC Puts Forth Mutual Fund Rules Proposals The SEC has put forth three proposals that could drastically change the way mutual funds are sold. |
Registered Rep.
May 8, 2008 |
UBS Needs A Lift Ticket UBS is facing serious scrutiny by the Securities and Exchange Commission and the Department of Justice to determine whether or not the bank aided clients in committing tax evasion from 2000 to 2007. |
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.
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. |
Investment Advisor
January 2007
Kara Stapleton |
News & Products Bank of New York and Mellon Financial Corporation announced plans to merge... The brokerage firm Jefferies & Co. will pay $9.7 million to settle SEC charges... New York Attorney General Eliot Spitzer has sued UBS... etc. |
Registered Rep.
August 31, 2004
David A. Gaffen |
Sharp Words for the NASD By Raymond James' Averitt Dick Averitt of Raymond James Financial Services had some particularly harsh words for the National Association of Securities Dealers over fee-based accounts in a speech at RJFS' semiannual financial conference on Monday morning. |
Financial Planning
December 1, 2005
Lynn Hume |
Ameriprise to Pay $1.25 Million Fine for 529 Sales In a first-of-a-kind enforcement action, the NASD ordered the former American Express Financial Advisors to pay $1.25 million for failing to adequately supervise its sales of Section 529 college savings plans. |
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.
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. |
Financial Planning
July 1, 2006
Elizabeth O'Brien |
A Cheaper Annuity Is Raymond James's new cap on fees the start of a trend in variable annuities? |
Investment Advisor
March 2007
Kara P. Stapleton |
News & Products National Financial announced February 1 that it is expanding its alliance program... NASD has warned older Americans about the potential downside of selling their existing life insurance polices... The SEC has authorized improvements to the NASD... etc. |
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. |
