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SEC stops pyramid scheme targeting Asian and Latino communities

The Securities and Exchange Commission today announced charges and asset freezes against the operators of a worldwide pyramid scheme targeting Asian and Latino communities in the U.S. and abroad.  The SEC alleges that three entities collectively operating under the business names WCM and WCM777 are posing as multi-level marketing companies in the business of selling […]

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Former Morgan Stanley and Oppenheimer broker charged with insider trading

Vladimir Eydelman, the former Morgan Stanley and Oppenheimer Holdings broker arrested on insider trading charges last week, could expose some former clients and the firms to regulatory and legal actions, lawyers and securities industry veterans said. Eydelman, who was charged with fraud on March 19 by the SEC and the Justice Department, allegedly made more than […]

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FINRA fines Berthel Fisher and affiliate $775,000 for supervisory failures

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Berthel Fisher & Company Financial Services, Inc. and its affiliate, Securities Management & Research, Inc., of Marion, Iowa, a combined $775,000 for supervisory deficiencies, including Berthel Fisher’s failure to supervise the sale of non-traded real estate investment trusts (REITs), and leveraged and inverse […]

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FINRA board approves rule prohibiting conditioning settlements of customer disputes on a customer's agreement not to oppose expungement

The Financial Industry Regulatory Authority (FINRA) announced today that its Board of Governors approved a rule proposal that would prohibit firms and associated persons from conditioning settlements of customer disputes on, or otherwise compensating customers for, an agreement not to oppose a request to expunge information from an associated person’s Central Registration Depository (CRD) record. […]

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SEC issues alert on Investment Adviser due diligence of alternative investments

The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today issued a Risk Alert on the due diligence processes that investment advisers use when they recommend or place clients’ assets in alternative investments such as hedge funds, private equity funds, or funds of private funds.   The alert describes current industry trends […]

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