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So far Richard Frankowski has created 573 blog entries.

Five More Firms To Pay $18M For Overcharges

FINRA has ordered five broker-dealers to reimburse clients a sum of $18.4 million for charging them improper fees on mutual funds. Edward Jones will pay $13.5 million, Stifel Nicolaus & Co., $2.9 million, Janney Montgomery Scott, $1.2 million, Axa Advisors, $600,000, and Stephens Inc., $150,000. FINRA found that as far back as July 2009 the mutual funds these firms made available through their retail platforms failed to offer charities and retirement accounts waivers that they were due for some upfront sales charges on Class A shares. Other times, the firms placed investors into incorrect share classes, which subjected them to charges they should not have been assessed. Earlier this year, Wells Fargo Advisors, Raymond James, and LPL Financial were forced to pay a total of $30 million for similar violations. “These actions are further evidence of our commitment to pursue substantial restitution for adversely affected mutual fund investors who were not afforded the full benefit of available sales charge waivers,” said [...]

By |October 28th, 2015|FINRA, Press Releases & News|
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FanDuel, DraftKings Accused Of “Insider Trading”

FanDuel and DraftKings, the two major daily fantasy sports websites, have been accused of insider trading, raising questions as to whether the increasingly lucrative daily fantasy sports world should face more regulatory scrutiny. This month, a DraftKings employee admitted to accidentally releasing NFL data before the start of the third week of NFL games. That very employee won $350,000 at FanDuel, DraftKings' chief competitor. After the employee was accused of insider trading on social media, both companies announced temporary restrictions on employees from participating in fantasy sports for money. FanDuel and DraftKings both offer daily and weekly games in which users pay an entry of 25 cents to $1,000. Users then choose players in fantasy teams from a list of actual NFL athletes and earn points based on how well their players perform in actual games. The prize money can be as high as $2 million. DraftKings admitted that its employee released data on the company's blog that showed which [...]

By |October 27th, 2015|Press Releases & News|
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Legislators Frustrated As SEC Slogs Toward Proposing A Fiduciary Rule

Legislators have expressed frustration with how slowly the SEC has moved toward proposing a rule that would raise investment advice standards while the Department of Labor speeds along. In an appearance before a House Financial Services subcommittee, SEC Division of Investment Management Director David Grim was pressed about the timing of a potential rule. Grim denied to give a timetable but noted that his staff "has done extensive analysis" toward developing a proposal. When asked when the analysis would go to the commission, Grim replied, "As soon as it's ready." Rep. French Hill, R-Ark., called Grim's response "ridiculous." Hill, who is a critic of the Labor Department rule, is angered that the Department has preempted the SEC on the investment advice issue by proposing a rule that would require a best-interests standard on 401(k) and individual retirement accounts. Hill and other critics of the Labor Department rule believe the Department should wait until the SEC acts. Proponents of the Labor [...]

By |October 26th, 2015|Press Releases & News, SEC|
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2015 Brings New Highs For SEC In Enforcement Actions And Fines

The SEC focused on a number of new kinds of errant financial behavior in 2015 as the agency filed a record number of enforcement cases and fines against both companies and individuals. This year, the SEC filed 807 enforcement actions and got orders for $4.2 billion in penalties and disgorgements of illicit gains for the year ended September 30, a seven percent increase from last year's record 755 actions. Fines and disgorgements went up one percent from $4.16 billion. For the first time, the SEC brought actions against a private equity advisor, Kohlberg Kravis Robert & Co., for allegedly improperly allocating $17 million in "broken deal" expenses and charged Edward D. Jones & Co. for alleged pricing-related fraud in the primary market for municipal securities. The agency also filed its first action against a fund board for failing to report a relevant compliance issue. May Joe White, Chairwoman of the SEC, believes the agency's enforcement division's use of data, analytics [...]

By |October 22nd, 2015|Press Releases & News, SEC|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.