Do you know what happened this past week?
Do You Know What Happened This Past Week?
- FINRA provides more guidance on communications with clients after brokers leave.
- FINRA moves forward on new rule proposals for broker-dealers and brokers with a disproportionately high number of disclosures.
- 2 former Woodbridge directors have been charged for role in massive Ponzi scheme.
- State of Texas fines Louisiana- based Integrity RIA $12,500 for providing investment advisory services to residents of their state without first registering in their state.
- Commodity Pool Operator East West Global, LLC fined $75,000 for charging excessive fees without proper disclosures. One executive was barred from registering for a period of 5 years.
- California IAR fined $35,000 for portraying investments in company as safe and profitable, when in fact the company was struggling financially and lacked cash flows to fund operations, making it a risky investment. It routinely required new investor funds to pay past due financial obligations. It also used investor funds to stay afloat—rather than to build new restaurants.
- Updated Form ADV brochures must be delivered to clients by the end of the month
- Massachusetts RIAs may soon have to provide a fee table in their Form ADV brochure.
- Powerball winner sues son, says his poor investing cost her tens of millions.
- There was a 31.7% increase in the number of enforcement actions from 2017 to 2018. Nearly 70% of all SEC audits resulted in a deficiency.
Author Bio
Leila Shaver is the Founder of My RIA Lawyer, a law firm that provides compliance and legal consulting for financial institutions. With extensive experience as a securities attorney and compliance expert, she has served as Chief Compliance Officer and General Counsel to RIAs, BDs, and TAMPs with billions in assets under management.
Leila understands the challenges RIAs face and is committed to helping RIAs streamline their processes, mitigate risks, and ensure compliance with regulatory requirements. She received her Juris Doctor from Atlanta’s John Marshall Law School and is a West Georgia Young Lawyers’ Association member. Leila has received numerous accolades for her work, including the Carroll County Bar Association’s Outstanding Young Lawyer Award in 2017.