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Ash Narayan Banned For Defrauding Pro Athletes

Former financial adviser Ash Narayan agreed to be barred from associating with brokerage or advisory firms to settle regulators' allegations that he secretly received nearly $2 million from companies that he invested his professional athlete clients in for at least five years. Narayan additionally placed clients in unsuitable private investments and misrepresented himself as a CPA, according to a complaint filed by the SEC. Narayan, who was managing director of the Irvine, California office of RGT Wealth Advisors, a Dallas firm with about $4.3 billion in assets under management, was temporarily suspended by the Certified Financial Planner Board of Standards in October, pending investigation of the allegations. In February, RGT Wealth Advisors terminated Mr. Narayan, who had worked there since 1997, according to the SEC complaint. The alleged fraud occurred between 2010 and early 2016, during which time he directed $33 million to a company he was heavily involved with and knew was in poor financial condition. [...]

By |December 30th, 2016|Fraud, Press Releases & News, SEC|
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Phil Fiore Jr. Fired By UBS For Multiple Violations

UBS Financial Services Inc. fired Phil Fiore Jr., one of its top brokers based in Stamford, Connecticut, for failing to keep the firm informed of outside business activities, even while he was under heightened supervision. Fiore was terminated at the close of November for violating firm policies, including not disclosing an unpaid directorship at a not-for profit entity affiliated with a client; not seeking approval to operate a charity golf tournament; and not seeking firm approval to make blog posts, according to his FINRA BrokerCheck report. He also failed to disclose to UBS that a new client had made an investment in Fiore's outside business, which had been approved by UBS, also according to BrokerCheck. Phil Fiore Jr. was a Senior Vice President and part of the FDG Institutional Consulting Group, in addition to being one of the top-ranked advisers in his state, according to Barron's magazine. Barron's also said the group had $8 billion in client assets in 2015. Fiore had [...]

By |December 29th, 2016|Broker Check, FINRA, Press Releases & News|
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Twelve Firms Fined For Cybersecurity Issues

FINRA dished out $14.4 million in fines to twelve firms for breaches pertaining to the retention of broker-dealers' and clients' electronic records, which the regulator says made the firms vulnerable to cybersecurity threats. The firms include Wells Fargo & Co. and RBC Capital networks, RBS Securities Inc., SunTrust Robinson Humphrey Inc., LPL Financial, Georgeson Securities Corp. and PNC Capital Markets. FINRA says they failed to maintain electronic records in a particular format designed to prevent alteration and destruction. "These disciplinary actions are a result of FINRA's focus on ensuring that firms maintain accurate, complete and adequately protected electronic records,” said Brad Bennett, FINRA's chief of enforcement, who is stepping down early next year. “Ensuring the integrity of these records is critical to the investor protection function because they are a primary means by which regulators examine for misconduct in the securities industry." The massive fine is in accordance with FINRA's wider crackdown on cybersecurity lapses, which it outlined earlier in 2016 as [...]

By |December 21st, 2016|FINRA, Press Releases & News|
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Morgan Stanley Fined For Failing To Deliver Fund Prospectuses Online

FINRA fined Morgan Stanley Smith Barney $1.5 million for technical failures, including a faulty website link that obstructed client's from viewing fund prospectuses. For a number of years before 2013, Morgan Stanley made mandated fund prospectuses available to customers online. However, as the FINRA settlement states, in November 2013, Morgan Stanley updated its systems but failed to make sure a working website link was in place for clients who wanted to see particular fund prospectuses. In August 2014, a client looking to see an online prospectus contacted Morgan Stanley, which alerted the firm that the link was not available, said the settlement. For nine months, Morgan Stanley failed to deliver nearly 2.1 million prospectuses to online clients through its “view prospectus” link. Between November 2013 and December 2014, due to a coding error, Morgan Stanley also failed to generate and send around 23,500 investment objective change letters to clients, the regulator stated. According to industry rules, broker-dealers are required [...]

By |December 7th, 2016|FINRA, Press Releases & News|
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