Knight Nguyen Investments raised at least $3.7 million from a number of advisory clients and retail investors for high-risk and fraudulent securities offerings, according to the SEC.
Matthew Clason faces as long as 20 years in prison after stealing more than $600,000 from an unnamed investor for his personal use, including paying for his personal credit card, according to the DOJ.
After delaying reopening for face-to-face arbitration and mediation because of the COVID-19 pandemic, the regulatory agency will allow such proceedings at 62 of its 69 hearing venues starting July 5.
In a testimony before the House Committee on Financial Services, the new SEC Chair noted the regulator would evaluate Reg BI, and "update and freshen" it if need be.
The Financial Services Institute opposed the Labor Department's decision, arguing it would keep independent financial advisors from 'operating confidently knowing their independent contractor status is secure.'
Bruno, a long-tenured executive for InvestmentNews and more recently Echelon Partners, brings deep ties to the advisory community and will focus on bridging media and events at Informa.
Daryl Bank faces a maximum sentence of 300 years in prison after a jury in Virginia federal court found him guilty of defrauding investors, many of whom were retirees.