In what appears to be a growing trend, state and federal regulators are launching investigations into the sales practices and administration of 403(b) retirement plans for school districts.
Two weeks ago, on January 10,...more
1/28/2020
/ 403(b) Plans ,
Benefit Plan Sponsors ,
Broker-Dealer ,
Deferred Compensation ,
Educational Institutions ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Government Investigations ,
Investment Adviser ,
Life Insurance ,
Plan Administrators ,
Retail Investors ,
Retirement Plan ,
School Districts ,
Securities and Exchange Commission (SEC) ,
Teachers
Be careful before you forward that email. That’s the lesson from the recent Supreme Court decision in Lorenzo v. Securities and Exchange Commission, in which the court held that the director of investment banking for a...more
3/29/2019
/ Appeals ,
Enforcement Actions ,
False Statements ,
Fines ,
Intent to Defraud ,
Investment Banks ,
Lorenzo v SEC ,
Material Dissemination ,
Misleading Statements ,
Reaffirmation ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Suspensions
In a highly anticipated decision, the United States Supreme Court ruled the practice employed for years by the Securities and Exchange Commission of choosing administrative law judges to hear SEC enforcement actions, violates...more
6/22/2018
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appeals ,
Appointments Clause ,
Constitutional Challenges ,
Enforcement Actions ,
Final Written Decisions ,
Lucia v SEC ,
Officers of the United States ,
Remand ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Special Trial Judges (STJs)
The SEC announced a self-reporting initiative for investment advisors who admit violations of the federal securities laws relating to certain mutual fund share class election issues while promptly returning money to harmed...more
Tell the truth, the whole truth, and nothing but the truth: that’s the message to registered investment advisors from the Office of Compliance Inspections and Examinations (OCIE) in a recent risk alert about the SEC’s...more
9/20/2017
/ Advertising ,
Investment Adviser ,
Investor Protection ,
Marketing ,
Material Misstatements ,
Misleading Statements ,
OCIE ,
Registered Investment Advisors ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Truth in Advertising
In a decision previewed in an earlier post, the United States Supreme Court ruled unanimously in Kokesh v. Securities and Exchange Commission that the five-year statute of limitations in 28 U.S.C. section 2462 applies to SEC...more
6/7/2017
/ Disgorgement ,
Enforcement Actions ,
Financial Services Industry ,
Investment Management ,
Kokesh v SEC ,
Misappropriation ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Statute of Limitations ,
White Collar Crimes
The SEC recently approved FINRA’s proposed rule aimed at preventing fraud and abuse of senior investors. On March 30, FINRA issued Regulatory Notice 17-11, setting the effective date for the new rule as February 5, 2018. The...more
4/13/2017
/ Broker-Dealer ,
Elder Issues ,
Exploitation ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Fraud and Abuse ,
Investment Adviser ,
Investors ,
Proposed Amendments ,
Proposed Legislation ,
Securities and Exchange Commission (SEC) ,
Vulnerable Victims
How long does the Securities and Exchange Commission (SEC) have to bring a lawsuit asking for disgorgement of unlawful gains? The United States Supreme Court will decide that issue this term in Kokesh v. Securities and...more
This week, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released its Examination Priorities for 2017 that reflects certain practices, products, and services that OCIE perceives to present potentially...more
1/13/2017
/ Anti-Money Laundering ,
Automation Systems ,
Broker-Dealer ,
Investment Adviser ,
OCIE ,
Private Funds ,
Recidivism ,
Retail Investors ,
Retirement Plan ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Security Risk Assessments ,
Senior Investors
The Financial Industry Regulation Authority (FINRA) announced a new proposed rule that will allow member firms to place a temporary hold on a disbursement of funds or securities when the firm has a reasonable belief that...more
The United States Supreme Court in Omnicare, Inc., et al. v. Laborers District Council Construction Industry Pension Fund, et al., clarified standards for liability that a company issuing securities may face through...more