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,...
A man has been charged by the SEC for misappropriating millions of dollars invested by people who believed they would become ‘rich’ from cryptocurrencies. Richard Heart, also known as Richard Schueler, and three entities he controls are accused of selling unregistered securities, namely crypto assets that raised $1 billion from...
The SEC has filed charges against a registered representative for allegedly stealing more than $2 million from a client and using the proceeds to finance the financial advisor’s personal spending. In a complaint filed Friday in the U.S. District Court for the Southern District of New York, the Securities and...
Paris-headquartered BNP Paribas has announced that it is under scrutiny by the Securities and Exchange Commission and the Commodity Futures Trading Commission for its personnel’s noncompliant use of communication tools, violating archiving protocols. Although BNP Paribas reported better-than-expected figures for Q2, and would have beaten last year’s profit numbers without...
Faith is a powerful thing but when people are persuaded to believe in too-good-to-be-true investments, it can also be costly. The SEC has charged Brent Seaman of Naples, Florida, with fraudulently raising around $35 million from 60 investors, including fellow members of his church, in what he said were “safe”...
An SEC proposal to eliminate conflicts of interest in financial advisors’ use of technology that predicts investor behavior is raising concerns about how it will work with Regulation Best Interest. A split Securities and Exchange Commission voted 3-2 Wednesday to release a proposal for public comment that would require brokerages...
Brokers and investment advisors would have to remediate conflicts of interest related to interactions with investors conducted through artificial intelligence, predictive analytics and similar technology under a proposal released Wednesday by the SEC. By a 3-2 vote, the Securities and Exchange Commission approved releasing a 243-page proposal for public comment...
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...
European stocks were muted on Tuesday as traders geared up for earnings from some of the world’s biggest corporations and key central bank rate decisions this week. The Stoxx Europe 600 index was little changed at the open. Basic resources shares surged, with miners Anglo American and Rio Tinto gaining...
In a move that has significant implications for tax practitioners, the Internal Revenue Service declared Monday, in a drastic shift in its longstanding policy, that it will stop making unexpected home and business visits. The IRS has traditionally used these surprise visits as a strategy to recover unpaid taxes...