The Securities and Exchange Commission charged Wedbush Securities on Tuesday for failing to supervise an employee running a pump-and-dump scheme. The broker/dealer was accused of ignoring numerous red flags for Timary Delorme who had a long-running scheme that targeted retail investors, including a customer email outlining his actions. Delorme agreed to settle fraud charges stemming from the scheme. This was the second SEC action against Wedbush Securities this year and the third since 2014, according to the regulator.
Cryptocurrencies like bitcoin had quite a run at the end of 2017 and the beginning of 2018, prompting many to question whether they should invest in them in their IRAs. After all, bitcoin gained 1,200 percent in 2017, which would have made a nice year-end statement for a nest egg. However, the volatility of cryptocurrencies is just one of many concerns investors should have, John Wasik writes for Forbes. Aside from their volatility, the exchanges that cryptocurrencies trade on are unregulated and plagued by technical problems and hacks. In addition, the question remains which cryptocurrency to buy and hold onto for retirement. While bitcoin’s value is the highest for now, there’s no guarantee that it will stay that way. “For the interim, resist jumping into cryptocurrencies unless you have enough information to understand their potential downside,” Wasik writes.
Louisville, Ky.-based wealth management firm, Hilliard Lyons, is doing away with its old, tired 1970s logo and replacing it with one that’s more “forward-looking.” The firm, with 70 branches in 12 states, was established in 1854. Its former logo, with a bull and bear holding a tickertape, was first introduced in 1973. It’s being replaced with one that incorporates “a golden pathway and a bold, modern typeface,” according to a company statement. The firm has been rolling out the new branding at its offices throughout March. “For more than 160 years, our number one priority has been clients’ success—and that’s not changing,” Hilliard Lyons President Tom Kissinger said. “But our new branding reflects how our firm has evolved from a traditional brokerage firm to a comprehensive wealth management firm with deep roots in each community we serve. We’ve embraced the latest technology to help clients meet their financial goals more effectively. Yet our advisors remain intent on learning each client’s story so they can create wealth management strategies unique to each client. Now we’re refreshing our brand to match our forward-facing commitment to our clients and their families.”