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Wealth Advisers Face Obstacle to Job-Hopping After Court Ruling


Financial advisers counting on an industry pact to switch jobs safely with clients in tow could run into obstacles after a ruling by a Georgia state court last week. The decision, involving advisers who jumped to Morgan Stanley from Aprio Wealth Management LLC in 2014, holds that those who agree to give their employers advance […]

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Testify before FINRA? No thanks, I’ll take a bar

Financial Planning

Some 53 registered reps so far this year have committed what many might consider the ultimate act of regulatory insubordination: they ignored FINRA’s requests for information or declined to give on-the-record testimony knowing that doing so would get them barred from the industry. While such an act may seem like career suicide, it can in […]

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Finra Moves to Fill Chairperson Gaps

Financial Advisor IQ

Self-regulator Finra held in May the first of a series of recruitment events this year for arbitrators who could potentially serve as chairpersons of arbitration panels that serve as de facto judges in cases filed by investors or industry participants. The chairperson arbitrator recruitment event in Las Vegas, attended by FA-IQ, gathered around 70 prospects. […]

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L.A.'s Wedbush charged with failing to supervise stockbroker who SEC says was involved in penny-stock scam

Los Angeles Times

L.A.’s biggest stockbrokerage ignored or didn’t properly investigate warning signs that one of its brokers was pushing clients to invest in a pump-and-dump scheme, the Securities and Exchange Commission alleged Tuesday. The commission charged Wedbush Inc., based in downtown Los Angeles, with failing to properly supervise a former broker who it alleges received kickbacks from […]

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Finra's Proposed Ban On Expungements No Surprise

Financial Advisor

This week, Finra proposed a rule that would prohibit brokers from removing customer complaints and certain arbitrations that are more than a year old. The action by Finra addresses a growing number of brokers who are asking to have old complaints erased. As Financial Advisor reported in July, the number of brokers seeking to clean up old disciplinary records has […]

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