Managers of Wealth Americas

A Rose by Any Other Name: SEC Clarifies Cryptocurrency Rules

“We’ve got guys with bags of cash headed for the border” because of unregulated crypto offerings, says SEC Chairman Jay Clayton. “I’m protecting the integrity of the market.”

Wells Ordered to Pay New York Broker Best Practice Bonus

The three-person arbitration panel declined Collins’ request for a more expansive explanation of their decision, which disputants can request for an extra fee.

Fifth Third Bank launches digital advice platform

The platform offers 14 investment portfolios and charges an annual advisory fee of 50 basis points, “a fraction of the cost of traditional investment management fees,” the bank said in its announcement.

US regulators ramp up scrutiny into UK financial services firms

The law firm explained that the data shows that US regulators such as the Commodity Futures Trading Commission and the Securities and Exchange Commission (SEC) are maintaining an aggressive stance against any financial misconduct

Banks Pay Out Some of the Biggest Settlements in Wage Disputes

Walmart has paid the most to settle workers’ pay claims, but financial-service companies occupy half of the top 12 spots

Wells Fargo sues $300M breakaway team over client data issues

A Wells Fargo spokeswoman said the company does not comment on pending legal matters.

SEC fines New York firm deVere US$8 million over UK pension advice conflicts

Investment advisers have an obligation to disclose direct and indirect financial incentives

Former State Street executive faces U.S. fraud trial

McLellan is one four former employees of the Boston-based bank who have since 2016 faced charges by the U.S. Justice Department

US Mounts Major Global Money-Laundering Campaign

It is uncertain how much of the new assertiveness can be traced to the US initiative.

FA Suing Edward Jones Hires Giant-Killer Law Firm

Edward Jones denied Bland and other African-Americans “business opportunities and resources regularly given to white FAs at the firm,” the lawsuit states.

A rose by any other name might still be a security

Another prominent lawsuit filed in California Superior Court on May 3, 2018, may also force judicial guidance.

Ex-Citigroup broker indicted for swindling elderly clients

The victims included nurses, shopkeepers and municipal workers, and they all had given the majority of their cash — in many cases well into six figures — to Mustaphalli, Underwood said.

UBS Arbitration Decision Might Hearken Sea Change For Advisors

Because UBS and its branch officials failed to do anything about it, Marcano’s only choice was to quit, Malone claims, according to the website.

UBS Partners with Diversity Recruitment Platform

“You’re going to need to have a workforce that is inclusive of what this country looks like.”

Former Barclays wealth management executive wins $2.7 million arb award from former firm

Thomas W. Lee claimed Barclays shortchanged him after he guided sale of advisory unit to Stifel Financial Corp.

Ex-Merrill Lynch FA Suspended Over Kiting Scheme

Merrill first accepted the checks and credited his account but eventually rejected them, Finra says.

Bad Broker With 55 Disclosures Skips Out On Paying $4.3M in Damages

In May 2015, Diaz was barred by Finra from the industry. By April 2018, Diaz had racked up 55 disclosures.

Guggenheim agreed $30m settlement with fund manager

Arrangement reached last year as divisions at Wall St firm raised fears of defections

A Dutch Treat? Some Lawyers See Netherlands as Next Class Action 'It' Spot

There are a number of reasons for lawyers representing plaintiffs and defendants to believe that Dutch courts could become an ideal overseas venue to resolve class action disputes. But uncertainties still abound.

FINRA to Reveal Reps’ Undisclosed Bankruptcies, Judgments and Liens

The organization will conduct a search of public records within 15 days of a new U4 filing, helping member firms fulfill a regulatory requirement.

Legal, Regulation & Compliance