Asset managers are tuning out political opposition to ESG when it comes to selecting investments but are being more careful in how they talk about ESG, according to a report from Cerulli Associates. Political pressure related to the use of environmental, social and governance factors in investing has been mounting....
Thomas Brenner, a former broker, has been sentenced to more than 10 years in prison by a federal judge in Ohio after pleading guilty to securities fraud that enabled him to acquire funds to pay for a race car and finance back taxes. Brenner is the former president of First...
Just because ESG wasn’t mentioned in the SEC’s examination priorities doesn’t mean that ESG regulation is out of mind for the agency. The Securities and Exchange Commission didn’t mention reviewing the use of environmental, social and governance factors in investment recommendations and strategies as an emphasis of its investment advisor...
A Department of Labor official said the agency’s next attempt at setting investment advice standards for retirement accounts will not just be a rehash of previous fiduciary rules. “We’re intentionally referring to it as the retirement security rule rather than the fiduciary rule,” DOL assistant secretary Lisa Gomez told reporters...
The SEC will zero in on investment advisors’ compliance with the marketing rule, their compensation arrangements and their recommendations of illiquid or difficult-to-value assets in its examinations in 2024. The Securities and Exchange Commission also will place “particular examination focus” on how advisors protect clients’ personal information and the accuracy...
Whether it’s money for something fun — like buying an RV to travel the country to see their children — or something painful — like replacing their roof — individuals often require emergency savings, but they tend not to think about it until they need it. “Most clients don’t see...
The SEC ordered a Delaware investment advisory firm to pay $1.3 million to settle charges that it placed clients in expensive mutual fund share classes without disclosing related conflicts of interest. In an order posted Tuesday, the Securities and Exchange Commission said Wilmington Trust Investment Management offered a wrap program...
A federal judge last week denied a broker’s effort to stop Finra from disciplining him. Eugene H. Kim filed a lawsuit in a Washington, D.C., federal court against the Financial Industry Regulatory Authority in August challenging its enforcement authority. In July, the broker-dealer self-regulator alleged that Kim misused customer funds...
A financial industry group Monday called on the SEC to withdraw a proposal targeting potential conflicts of interest related to the use of artificial intelligence by financial professionals because the regulation could harm retirement savers. Under the rule proposal the Securities and Exchange Commission released in August, investment advisors and...
Lucy Chua and John Byrnes didn’t just lose their Finra arbitration claim against several financial firms and advisors for allegedly fraudulent sales of private corporate bonds — they’re on the hook for more than $2 million in attorneys’ fees and costs incurred by the winning side. Chua and Byrnes are...