On April 1, 2019, the SEC obtained a preliminary injunction and order appointing a receiver over registered investment adviser Direct Lending Investments, LLC. According to the SEC’s complaint, Direct Lending, through its owner and CEO Brendan Ross, engaged in a multi-year effort to manipulate the performance data for one of Direct Lending’s significant investments in […]
Aidikoff, Uhl & Bakhtiari is investigating the sale of the Yield Enhancement Strategy (“YES”) recommended by financial advisors to UBS customers. The investigation focuses on UBS sales practices and representations made in connection with the recommendation of the UBS YES program for fixed income customers. UBS’s Yield Enhancement Strategy (“YES”) reportedly had over $5 billion under […]
On January 22, 2019, FINRA released its “2019 Risk Monitoring and Examination Priorities Letter” which identifies topics that FINRA will focus on in the coming year. As always, suitability remains one of FINRA’s top priorities in the coming year. Some of the specific areas on which FINRA may focus in 2019 include: (1) deficient quantitative […]
NYSE Regulation filed a Statement of Charges on behalf of NYSE Arca, Inc. (“NYSE Arca” or “Exchange”) naming Edward W. Wedbush and Wedbush Securities, Inc. as Respondents. In order to resolve the matter, the Exchange entered into an Offer of Settlement and Consent with each Respondent. By stipulation of the parties, the Statement of Charges […]
On December 20, 2018, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) announced its 2019 examination priorities. OCIE publishes its exam priorities annually to promote transparency of its examination program and provide insights into the areas it believes present potentially heightened risk to investors or the integrity of the U.S. capital markets. […]