Regulation and Compliance issues for Wealth Professionals can be challenging to navigate especially when the SEC is involved. Catch the latest news and analysis on compliance updates that impact financial advisors.
A Mississippi woman claimed Morgan Stanley erred when accepting her removal as a beneficiary to her dementia-stricken, de facto mother's estate—as well as ignoring her challenges as they distributed the deceased woman's funds.
The investigations by state regulators looked into Robinhood's compliance shortfalls and more, spanning years, according to a Texas consent order and the North American Securities Administrators Association.
The Department of Justice also charged Surage Roshan Perera of wire fraud, investment advisor fraud and money laundering, for allegedly defrauding an unnamed investor.
John Woods pleaded to one count of wire fraud for a Ponzi scheme that stretched over 10 years, according to the DOJ; the fraud also resulted in Oppenheimer & Co. facing a $35 million fine from FINRA arbitrators.