Daniel Frishberg, better known to Texan radio listeners as "the Money Man," has been banned from associating with investment advisors and fined $65,000.
Compliance offices have never been so busy, thanks to the looming deadline for RIA firms to file their new ADV forms by April 1. Many say a lot of advisors are simply going to file late.
As the joke goes, the days when the SEC was exclusively the plaintiff are truly over. The regulator has been notified that former clients of billionaire money manager Allen Stanford have sued for negligence and misconduct.
Maybe the months of fielding preemptive attacks on FINRA's ability to regulate RIAs has gotten on Rick Ketchum's nerves, but his patience seems a little frayed.
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