Defending Trump administration’s pared-down budget request, new regulator says it can increase exams of rapidly growing number of registered investment advisers by 5% in coming fiscal year.
New SEC boss Jay Clayton says regulator wants to “simplify and enhance tools…to help investors conduct background searches on their investment professionals.”
Settlement tied to former U.S. wealth unit includes $30 million fine and $50 million in disgorgement.
Founder of Source Financial Advisors, a specialist in helping divorced women, also falsely filed documents about her college education, regulator says.
Finra suspends one former Merrill FA in Arizona who tried hawking clients’ names to another broker and a former associate in Georgia who took client-signature shortcuts.
SEC says Sandy Katz, now with Wells Fargo, pocketed $2.5 million of 12b-1 fees over five years by buying A shares in discretionary managed accounts.
Piwowar says consequences of investor confusion over the meaning of terms such as “financial advisor” are worth further study but not rule-makings any time soon.
Registered investment advisor, formerly known as ING Financial Partners, was paid by clearing firm to promote its no-transaction-fee fund platform.
Faces up to five years in prison for stealing more than $1.5 million from clients through trust raids and management fees well above his promised range of 1-1.5%.