Wall Street regulators Tuesday hit broker-dealers with another round of hundreds of millions of dollars in penalties for failing to catch executives and traders using unofficial communications like WhatsApp. But of the 11 firms that agreed to pay $289 million to settle the matter with the Securities and Exchange...
The Securities and Exchange Commission on Tuesday barred a former broker, Steven K. Woodard, who was based in Hawaii and allegedly preyed on members of his church in a $6 million scam. The SEC’s action against Woodard, 63, comes just days after it charged Brent Seaman of Naples, Florida,...
The Financial Industry Regulatory Authority Inc. Tuesday fined LPL Financial $3 million for falling down on its oversight of two financial advisors who pocketed $2.4 million from 13 clients, mostly senior citizens. The two advisors, who are not named in the Finra settlement, from May 2018 to August 2020...
For years, brokers have been walking away from paying harmed clients who sued them and won their claims. It’s part of the unrecognized costs of doing business with small, fragile and undercapitalized brokerage firms, many of which sell and deal in expensive, volatile alternative investments. In 2013, in the...