Financial industry regulators banned one brokerage firm employee for life for impersonating customers, suspended another one for making unauthorized trades and are seeking punishment for a third.
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.
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.
Regulators said Fishers attorney and securities broker Jeffery Bruce Risinger refused to testify about his involvement in what the SEC claims was a multimillion-dollar Ponzi scheme—so they banned him for life.
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.
The parent of City Securities Corp. finds itself at a crossroads with the May death of its 95-year-old vice chairman, Danny Danielson, and with his brother-in-law, Chairman John Peterson, approaching 83 years old.
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 Financial Industry Regulatory Authority suspended a local broker for 20 days for allegedly executing client trades under his own discretion without written client consent.
Brokers and insurance agents providing retirement-savings advice would have to put clients’ interests ahead of their own under a plan that will face stiff opposition from Wall Street and Republican lawmakers.
Thomas J. Buck, who spent 34 years at the local office of Merrill Lynch while becoming one of the country’s top financial advisers, suddenly split from the firm last week.
Robert E. Wilson, 54, who operated locally based Wellington Institutional Management LCC, was charged in Marion County Court with 10 counts of securities fraud and 10 counts of being an unregistered broker-dealer.
Christ Church Cathedral has filed a federal lawsuit against JPMorgan Chase, alleging the bank’s “intentional mismanagement” and “self-dealing” led to $13 million in losses in church trust accounts endowed in the 1970s by Eli Lilly Jr.
Hammond Kennedy Whitney & Co. plans to use its biggest-ever fund to target mid-sized companies in the medical, infrastructure and energy sectors.
Charles Schwab Corp. said Thursday it is planning to move about 1,000 jobs out of San Francisco over the next three to five years.
Tom Pence predicts change for U.S. manufacturing.