Morgan Stanley which saw its total advisor headcount drop slightly in the third quarter, says it will leave the Protocol for Broker Recruiting as part of its drive to make new investments in its advisors. The protocol, created in 2004, limits litigation among member firms that sign on and agree to a set of rules […]
A Williamsville financial adviser is facing charges that he stole $200,000 from one of his clients. Michael Giokas, founder of Giokas Wealth Advisors, was arrested on fraud charges Wednesday and later released on bail by U.S. Magistrate Judge Michael J. Roemer. Assistant U.S. Attorney Paul E. Bonanno said Giokas led his client to believe the […]
The U.S. Securities and Exchange Commission has approved a proposal from the Financial Industry Regulatory Authority (FINRA) to streamline the process for prospective broker-dealer reps to meet their proficiency requirements, FINRA announced Thursday. The proposal aims to reform the industry exam process, with an eye on expanding opportunities for brokers to enter, or return to, […]
FINRA ordered Morgan Stanley to pay $13 million in fines and restitution to clients for failing to properly supervise trades that increased charges and fees to customers of certain investment funds. FINRA said that Morgan Stanley provided insufficient guidance to its staff on how to detect unsuitable short-term trades of unit investment trusts, or UITs. […]
he Securities and Exchange Commission today charged a Westchester, New York-based investment adviser with fraud stemming from lies to retail investors about the value of their investments in a Ponzi-like scheme. The SEC alleges that, starting in approximately 2010, Michael Scronic began to raise money from at least 42 friends and acquaintances, many of whom […]