The Department of Labor’s reproposed fiduciary rule will likely be released a “couple months after July,” Phyllis Borzi, assistant secretary for DOL’s Employee Benefits Security Administration, said during a Tuesday afternoon meeting with the ERISA Advisory Council. After pulling the original draft of the rule to amend the definition of fiduciary under the Employee Retirement […]
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined two firms a total of $2.15 million and ordered the firms to pay more than $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds. FINRA ordered Wells Fargo Advisors, LLC, as successor for Wells Fargo […]
A Boston couple has been charged in connection with what prosecutors are calling a multimillion dollar Ponzi scheme in which they used investors’ money to fund a lavish lifestyle. Steven Palladino is scheduled to be arraigned Monday on multiple counts, including larceny and loan sharking. Palladino and his wife, Lori, were indicted last week. She […]
The Securities and Exchange Commission today announced an enforcement action previously filed under seal in federal court in Las Vegas. The SEC has obtained an emergency order to halt an investment scheme that has defrauded at least 98 people nationwide out of at least $1.4 million since 2009. The SEC’s complaint alleges that Nevada resident […]
The Securities and Exchange Commission today settled civil fraud charges against Amnon Landan, the former Chairman and Chief Executive Officer of Mercury Interactive, LLC (Mercury), and Douglas Smith, a former Chief Financial Officer of Mercury, arising from an alleged scheme to backdate stock option grants and from other alleged misconduct. On May 31, 2007, the […]