03/17/2020
Former Pilatus Bank chair Ali Sadr convicted of fraud
Faces a maximum of 85 years in jail
Legal, Regulation & Compliance
03/17/2020
SEC rule changes will provide certain smaller issuers relief from auditor attestation requirement
On March 12, 2020, the SEC adopted rule changes to exempt certain smaller issuers from the auditor attestation requirement under Section 404(b) of the Sarbanes-Oxley Act of 2002. This alert provides an overview of these changes.
03/17/2020
Wells Fargo takes back $15 million bonus from its former CEO
In canceling the $15 million bonus from last year, awarding him no bonus for last year and no severance on top of that, it’s a stark sign that the board apparently came to view Sloan as part of the problem.
03/16/2020
Coronavirus: Remote working for financial services
It’s an unprecedented situation with a large proportion of the global workforce now working from home in an attempt to delay and contain the virus.
03/16/2020
JPMorgan Trading Platform for Rich Clients Froze During Rout
The system was overwhelmed by unprecedented volume, one person said.
03/13/2020
House Bill Seeks to Improve 403(b) Investment Options
A bipartisan bill introduced Thursday would allow public sector employees, including K-12 teachers, to add lower-cost investment trusts to their retirement portfolios.
03/13/2020
JPMorgan Seeks TRO Against In-Bank Broker Now at Merrill Lynch
Reached at his Merrill office in Baton Rouge, Berry referred requests for comment to Merrill officials.
03/12/2020
Advisor’s dilemma: To travel or not in the age of coronavirus?
They are still taking in-person client meetings, but skipping conferences.
03/12/2020
A near record year for money laundering: Banks hit with $10 billion in fines
One remarkable finding in the report is that, despite a spate of new data privacy laws, they resulted in almost no fines.
03/11/2020
Feds hit ex-U.S. Bancorp exec with $450,000 money-laundering fine
La Fontaine admitted responsibility in failing to make sure the bank was properly staffed to meet regulations, according to a filing from FinCEN, a unit of the U.S. Department of the Treasury.
03/11/2020
J.P. Morgan Releases 2020 Guide to Retirement
Guide Analyzes Key Issues Impacting Retirement Planning
03/11/2020
Why Customers Won’t Set Foot In Banks In The Future
Customers now have the options to take care of almost all of their banking outside the branch, making the locations that were once hubs of financial activity nearly obsolete.
03/10/2020
US charges Russian billionaire Tinkov with tax fraud
Tinkov paid a £20m bail to be allowed to stay in a apartment owned by his wife in central London so long as he respects a 7pm to 7am curfew.
03/06/2020
Barclays, Merrill Resurface in Third German Tax Indictment
The transactions took advantage of how Germany taxed dividends, abusing the system to claim multiple refunds on a tax paid only once, according to investigators.
03/05/2020
Former Risk Officer at U.S. Bank Fined for Weak Anti-Money Laundering Oversight
U.S. Bank noted the enforcement action is specific to Mr. LaFontaine and not against the bank.
03/05/2020
Ex-Brokerage Chief Loses Claims Against Merrill
LaMothe also claimed violations of various Finra rules related to stocks and options he allegedly earned while working for the company, according to an award document published by Finra.
03/04/2020
AMB Sports and Entertainment and Gallagher Announce Multi-Year Strategic Partnership
This partnership will benefit not only fans from around the world who visit Mercedes-Benz Stadium, but also the Atlanta community through involvement in The Home Depot Backyard and their commitment to improvement initiatives for the Westside of Atlanta.&a
03/03/2020
Wells Fargo Fined By SEC
One of the biggest concerns was the fact that according to SEC’s findings, Wells Fargo does not protect or detect improper recommendations of single-inverse ETFs.
03/03/2020
How Advisors Can Guard Against Data, Identity Theft This Tax Season
According to the Federal Trade Commission, your client may not know the theft happened until the IRS sends a letter saying they’ve received a suspicious tax return with your client’s SSN
03/02/2020
Money & the Law: Wells Fargo settlement includes admissions of guilt
Employees were very creative in finding ways to meet unrealistic sales goals. Eventually, their strategies became known within the company as “gaming.”