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.