Kenneth Ray Cleveland stands accused of defrauding a 13-year NFL player while serving as his financial adviser.
The president will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped banking rules after the 2008-09 financial crisis.
Cooke Financial Group LLC, which oversees $1.7 billion in assets, is parting ways with Wells Fargo Advisors LLC. Principals Chris Cooke and Brian Cooke have bought into Chicago-based Noyes and will run the largest of its seven offices.
The sale ends a 92-year run of ownership by the Peterson family, which opened the business five years before the onset of the Great Depression and built a preeminent position in the municipal bond business that continues today.
The action, in rules issued Wednesday by the Labor Department, could shake up how billions of dollars in Americans' retirement investments are handled by brokers.
In his new role, John W. Coughlin, a 25-year-veteran of Indianapolis banks, will drive the bank’s investment, retirement, trust and estate, and insurance services strategies.
Robert E. Wilson of Indianapolis originally faced up to eight years in prison on 20 securities-related felony counts. Under a plea agreement, he’ll serve six months probation on one misdemeanor count.
Financial industry regulators have barred a Fishers investment broker for life for refusing to cooperate with an investigation, and suspended a local compliance officer for 14 months.
Former Merrill Lynch broker Thomas J. Buck used to generate millions of dollars in annual revenue for the brokerage giant. But lately, he’s been costing it millions. Merrill Lynch has paid more than $4.1 million in settlements related to Buck’s alleged misconduct since firing him in March.
The Financial Industry Regulatory Authority said former top producer Tom Buck “willfully committed fraud,” partly by steering clients to commission-based accounts instead of cheaper fee-based accounts.
The former chief financial officer for Ovation Audio-Video Solutions LLC has been arrested and charged with more than 20 counts of theft for allegedly misappropriating about $600,000 in company funds for his own use.
The Financial Industry Regulatory Authority suspended a local broker for 20 days for allegedly executing client trades under his own discretion without written client consent.
Christ Church Cathedral sued JPMorgan last year, saying the bank selected unsuitable and poorly performing investments, causing the church trusts to lose $13 million in value from 2004 to 2013.