In the North American Securities Administrators Association’s (NASAA) most recent enforcement report, oil and gas investments were the fourth most common product involved in state securities enforcement cases, with nearly 40% of responding jurisdictions reporting energy-related faud cases. “Many of these investments are highly risky and illiquid and therefore are not appropriate for many investors,” said […]
One of the staunchest critics of the Dodd-Frank Act says a full repeal of the financial reform law isn’t in the cards. Rep. Scott Garrett (R-N.J.) said legislation to strike down the law, now pending in the House and the Senate, won’t pass. “That ain’t gonna happen,” he said Thursday night during remarks at a […]
The Securities and Exchange Commission today charged two executives at a Dallas-based medical insurance company with operating a $10 million Ponzi scheme that victimized at least 80 investors. The SEC alleges that Duncan MacDonald and Gloria Solomon solicited investments for Global Corporate Alliance (GCA) by promoting it as a proven business with a strong track […]
The system of mandatory arbitration of disputes between brokerage firms and customers is again in the news. This time the North American Securities Administrators Assocation, Inc. has been lobbying the SEC to act on its authority under Dodd-Frank to end or limit the use of pre-dispute mandatory arbitration agreements included in virtually all customer agreements […]
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 […]