SEC Bars Advisor in $6.9 Million Free Riding Scheme
On June 12, 2024, the Securities and Exchange Commission (SEC) filed a cease-and-desist order against former investment advisor Kerry Lee Broderick. The order bars Broderick from any association with broker-dealers, investment advisers, and from participating in any offering of penny stocks. This severe sanction is the result of her involvement in a “free riding” scheme, […]
Triad Advisors Faces $30 Million FINRA Complaint Over Alleged Supervisory Failures
A significant legal battle is unfolding as more than 70 investors have filed a FINRA complaint against Triad Advisors, alleging that the firm failed to supervise two former brokers who led them into unsuitable investments, resulting in over $30 million in losses. This case brings to light critical issues of accountability and oversight within the […]
Financial Advisor Raul Benitez Faces Multiple Allegations of Unsuitable Investment Recommendations
The recent allegations against financial advisor Raul Benitez have raised significant concerns within the securities industry. Benitez, formerly employed by Wells Fargo Clearing Services, LLC, is under scrutiny following at least six customer complaints and one termination for cause. The complaints, documented by The Financial Industry Regulatory Authority (FINRA), allege unsuitable investment recommendations and various […]
SEC Charges 16 Firms with $81 Million Penalty for Recordkeeping Failures
On Feb. 9, 2024, in a significant enforcement action, the Securities and Exchange Commission (SEC) announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. These firms have collectively agreed to pay more than $81 million in […]
The DOL Elevated Conduct Standards for Retirement Advisors
The U.S. Department of Labor (DOL) has recently finalized a rule designed to elevate conduct standards for financial advisors who provide retirement advice. This new regulation, which redefines the role of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA), aims to ensure that advisors adhere to high standards of care and […]
Enhancing Investor Protection: The SEC’s New Public Service Campaign
The recent announcement by the Securities and Exchange Commission (SEC) regarding its new public service campaign emphasizes a pivotal initiative in bolstering investor protection across the financial landscape. This campaign, aimed at educating and empowering investors, reflects a proactive approach by regulatory authorities to mitigate risks associated with securities investments. As securities fraud attorneys and […]
SEC Charges JAG Capital Advisors and Founder with Investment Fraud
In recent news, the Securities and Exchange Commission (SEC) has brought forth charges against JAG Capital Advisors and its founder, Joshua Goltry, alleging they defrauded investors. This development highlights ongoing concerns in the investment community about fraudulent activities that can harm investors and create mistrust in financial markets. According to the SEC’s press release, JAG […]
SEC Secures $4.5 Billion Settlement in Landmark Terraform Labs and Do Kwon Case
On June 13, 2024, the Securities and Exchange Commission (SEC) announced a landmark settlement with Terraform Labs PTE, Ltd. and its CEO, Do Kwon, totaling over $4.5 billion. This resolution follows a unanimous jury verdict that held the defendants liable for orchestrating fraud involving crypto asset securities, resulting in massive investor losses when the scheme […]