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SEC Sanctions One Oak Capital and Advisor for Improper Conversions to Fee Based Accounts

February 28th, 2025 at 1:42 PM
The Securities and Exchange Commission (SEC) has penalized a New York-based registered investment adviser and its veteran adviser for converting brokerage accounts into advisory accounts that resulted in significantly higher fees without providing additional services.
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Arbitration Panel Orders Morgan Stanley to Pay $843,000 for Failing to Protect Elderly Client from Fraud

February 27th, 2025 at 2:35 PM
A FINRA arbitration panel has ordered Morgan Stanley to pay $843,000 in compensatory damages to a senior client residing in Florida for failing to protect her from financial fraud. As reported by ThinkAdvisor, the panel found the firm liable for negligence in a case that highlighted the growing risk of elder financial exploitation.
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Sharp Drop in FINRA Expungement Requests as New Rules Take Effect

February 26th, 2025 at 11:05 AM
The number of brokers seeking to expunge customer complaints and other disclosures from their public records through FINRA’s arbitration forum has plunged 79 percent over the past year.
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FINRA Highlights Risks of Investing Home Equity Loan Proceeds

February 25th, 2025 at 11:20 AM
FINRA issued a reminder to financial advisors to carefully consider customers’ time horizons and risk tolerance, particularly when recommending investments using funds from a home equity loan, as reported by AdvisorHub. 
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Wells Fargo to Strengthen Financial Crimes Risk Management Amid Regulatory Agreement

February 24th, 2025 at 11:55 AM
Wells Fargo has agreed with U.S. banking regulators to enhance its financial crime risk management practices, including tightening controls over suspicious activity and money laundering.
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Financial Advisor Accepts Suspension and Fine for Misrepresenting Continuing Education Compliance

February 21st, 2025 at 1:28 PM
A financial advisor affiliated with Equity Services Inc. (ESI) has agreed to a one-month suspension and a $5,000 fine after the Financial Industry Regulatory Authority (FINRA) found that someone else completed his required continuing education (CE) for a state insurance license renewal.
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Vanguard Settles SEC Allegations Over Misleading Statements on Tax Implications

February 20th, 2025 at 4:31 PM
Vanguard Group has agreed to pay over $106 million to settle allegations by the U.S. Securities and Exchange Commission (SEC) that it misled retail investors regarding capital gains distributions and tax liabilities associated with its popular target-date retirement funds.
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Former Rubicon Wealth Management President Pleads Guilty to Fraud Charges

February 20th, 2025 at 4:30 PM
Scott Mason, former president of Rubicon Wealth Management, pleaded guilty to multiple fraud charges after federal prosecutors accused him of misappropriating over $17 million from clients, including his own widowed aunt.
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FINRA Highlights Compliance Priorities for 2025

February 19th, 2025 at 4:28 PM
The Financial Industry Regulatory Authority (FINRA) has released its annual regulatory oversight report, emphasizing key compliance concerns for broker-dealers.
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Regulatory Spotlight on AI in Financial Advising: Risks, Opportunities, and Compliance Needs

February 18th, 2025 at 10:21 AM
Artificial intelligence (AI) tools, including large language models (LLMs), present both promising opportunities and notable risks for financial advisors. According to Financial Planning, as the popularity of AI grows in the financial advisory sector, regulators like FINRA and the SEC are examining potential issues closely.
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LATEST NEWS AND ARTICLES

May 9, 2025
FINRA Suspends Former Wells Fargo Advisor Over Unauthorized Transfer in Elderly Client's Account

FINRA has fined and suspended former Wells Fargo financial advisor Jarrett Thomas after he executed a $50,000 transaction for an elderly client despite being informed that she was no longer capable of managing her finances.

May 8, 2025
All 50 States Now Aligned on Annuity Sales Standards

The annuity industry officially has secured uniformity in sales regulations across all 50 states.

May 7, 2025
Jury Finds Investment Advisor Liable for Failing to Disclose Annuity Commissions

A federal jury in Massachusetts has found investment adviser Jeffrey Cutter and his firm, Cutter Financial Group, liable for violating federal securities law by failing to disclose significant upfront commissions and conflicts of interest related to an annuity replacement scheme.