The Aloha State is the 27th to enact a rule or law based upon the model passed by the National Association of Insurance Commissioners, intended to align state regs for annuity sales with the SEC’s Regulation Best Interest.
U.S. Rep. Richard Neal wrote a letter to the Government Accountability Office that he’s worried about the lack of regulation for crypto investments.
According to the commission, Western International Securities and several of its reps ran afoul of the rule by recommending and selling $13.3 million in high-risk L Bonds.
More than half of U.S. states now have passed a best interest rule for annuity sales based on an NAIC model.
According to the commission, A.G. Morgan Financial Advisors failed to disclose that it owed $750,000 to Par Funding, the company connected to the offering.
Three Charles Schwab investment advisor subsidiaries did not disclose that they were mandating cash allocation in robo accounts that would lower investors’ returns, according to the commission.
Patrick Churchville previously pleaded guilty and was sentenced to seven years in prison for his role in the scheme that resulted in more than $27 million in losses to private funds his firm controlled, according to the SEC.
Gensler's plans aim to make the $45 trillion U.S. equities market more transparent and fair for retail investors.
Kahn Advisory Services and founder Joseph Kahn will pay more than $1 million after allegedly misstating facts about the commission rates of its affiliated broker/dealer.
