Just a few years ago, Glen Point Capital co-founder Neil Phillips was celebrated as an aggressive but canny trader in the mold of one of his macro hedge fund’s main investors, George Soros. As of last week, Phillips is a convicted felon. Phillips, 53, was found guilty of commodities fraud on...
A stockholder in Avantax Inc., which is being acquired by the giant broker-dealer network Cetera Holdings Inc., last week sued Avantax, claiming that its board of directors had approved the filing of a proxy statement that had incorrect information about the merger and potentially could harm investors. One of...
Texas Attorney General Ken Paxton is sending shock waves through the state’s booming municipal bond market, leaving borrowers and bankers alike on edge. At least two banks, RBC Capital Markets and Wells Fargo & Co., were dropped from underwriting muni deals since Paxton said last week that he was probing...
Some of the SEC rule proposals generating the most withering criticism are among those that would have the biggest impact on financial advisors. But the widespread opposition won’t necessarily influence the SEC to revise them substantially before they become final regulations. Financial industry trade associations, bipartisan lawmakers on Capitol Hill...
The SEC stepped up the number of enforcement actions it took in the most recent fiscal year, while the total amount of money ordered from securities laws violators dipped, according to statistics the agency’s leader released Wednesday. The Securities and Exchange Commission filed more than 780 actions in fiscal 2023,...
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...
The New York Stock Exchange and Nasdaq would no longer be able to offer a kind of special discount that rewards Wall Street brokerages for routing large amounts of trade orders to them under a new plan from the Securities and Exchange Commission. On Wednesday, the SEC proposed banning so-called...
The Securities and Exchange Commission recently updated rules that govern how investment fund names must match how the fund is actually invested. It may sound obvious, but for years investors in mutual funds and ETFs have been investing in products whose actual portfolio holdings can stray dramatically from what...
When a new communications channel is widely adopted by the public, it will eventually be used for advertising. Consider radio, TV and, of course, the telephone. The Telephone Consumer Protection Act was put into place in 1991 by the FCC to address a growing torrent of marketing phone calls....