04/10/2018
Buckhead Investment Partners Rebrands Itself to Become BIP Wealth
The firm consists of 24 team members, including 11 advisors reflective of nearly 150 years of combined wealth-management experience.
Legal, Regulation & Compliance
04/10/2018
3 advisory firms to pay $15M in SEC share-class crackdown
PNC and Geneos were also charged with further violations including failing to disclose conflicts of interests surrounding compensation they received from third parties, the SEC says.
04/10/2018
US pension funds in CBA class action
Four US pension funds are on board as Commonwealth Bank faces another class action related to the lender's money-laundering scandal.
04/10/2018
Macro Selects Maitland To Provide Fund Administration Services
Intellectual property investment fund to leverage Maitland’s automated technology
04/10/2018
Morgan Stanley Hit With $9 Million Suit Over Site Accessibility
The lawyer representing him in the case tells AdvisorHub Rizzi had several large accounts with the wirehouse, brought up specific complaints about the site’s inaccessibility and even offered to help free of charge, but was ignored.
04/09/2018
Three Firms Charged for Selling High-Priced Share Classes
RIAs charged by SEC over excessive fees, financial illteracy persists and an Oregon advisor is accused of a Ponzi scheme.
04/05/2018
Canada and South Africa Continue to Meet Requirements for Endoresement
As a result, there will be no disruption to EU registered credit rating agencies’ ability to endorse credit ratings from these jurisdictions following the entry into force of the new requirements.
04/04/2018
Steve Cohen beats $8B suit alleging he tried to ‘kill’ insurer
Charges against Kynikos and Third Point were previously dropped but the case against SAC was revived last April.
04/04/2018
Merrill Lynch Gives Up Fight Against Former Advisors’ Right to Arbitrate
Merrill Lynch has dropped nine federal court cases it filed against former financial advisors to prevent them from arbitrating claims against the firm.
04/04/2018
US Supreme Court declines to hear FATCA case
The US Supreme Court on Monday declined to hear a challenge to the Foreign Account Tax Compliance Act, which had been brought by a group of American expatriates and led by Kentucky Senator Rand Paul, who had argued that the 2010 legislation violated their
04/04/2018
SEC charges fintech company founder with scheme to defraud investors
The Securities and Exchange Commission has charged Michael Liberty, the founder of the fintech startup now known as Mozido Inc., with a scheme to trick hundreds of investors into investing in his shell companies instead of Mozido.
04/03/2018
Morgan Stanley to Face Suit from Fired FA in Fed Court
Morgan Stanley fired Schmell Oct. 31, about two weeks before the publication of his memoir that detailed how he got sober prior to joining the wirehouse, according to the New York Post.
03/30/2018
HSBC Will Pay $100 Million to Settle Libor-Rigging Lawsuit
Investors claimed HSBC colluded with banks to reduce payments
03/30/2018
Estate and Tax Planning Use of Trusts for Qualified Plan Assets
The goal is to enable the trustee to defer income taxes on the benefits while coordinating the requirements of the client, the trustee, the plan administrator and the IRS.
03/27/2018
SEC's crypto hedge fund probe is healthy for the industry
A hedge fund is essentially the only viable fund management vehicle for crypto investing, and it will probably be that way for some time, as digital assets are unlikely to fall within the purview of mutual funds or traditional money managers for the near
03/27/2018
Broker Watchdogs Accused of Letting Sensitive Data Go Public
Whistle-blower alleges regulatory lapses in complaint to SEC
03/27/2018
Skipped FATCA Disclosures Can Be Criminal
FATCA requires foreign financial institutions to identify U.S. customers and report information about their financial accounts.
03/26/2018
Bank of America Merrill Lynch agrees to pay N.Y. $42 million fine for fraud
The investigation showed BoAML began the masking scheme as early as 2008 and that at least 16 million client orders were affected.
03/26/2018
Steward Partners heads west, hiring $600M team from RBC
Founded in 2013 by former wirehouse managers, Steward Partners had already grown to include 13 offices on the East Coast.
03/26/2018
Bank of America Merrill Lynch fined $42m for fraudulent electronic trading activities
The investigation also revealed that the firm made their electronic trading services look safer and more sophisticated than they actually were.