Compliance

Project On Government Oversight Slams FINRA And Says Self-Regulation Is Not Real Regulation

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The Project For Government Oversight says the financial crisis makes it "it painfully clear that we can't trust the financial industry to regulate itself" and offers a bullet list of reasons why FINRA should not be named the SRO.     FINRA's "top 18 executives and board members received nearly $23 million in compensation and benefits in 2009," says POGO investigator Michael Smallberg. "since FINRA believes it shouldn’t have to follow the pay model set by government agencies or non-profit organizations; this excessive executive

Mastermind Of Old-Fashioned Ponzi Scheme Sentenced To 14 Years In Jail

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A former broker who ran an $16 million medical debt scam on her elderly clients now faces the prospect of spending the rest of her life in prison.

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Draft House Bill Shows Congress Is Leaning Toward An RIA SRO

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After months of speculation and debate, the House Financial Services Committee has drafted a bill that would force investment advisors to join an as-yet-unnamed self-regulatory organization.

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Washington State Broker Burned Through $4 Million In Client Funds While Living Large

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A 32-year-old broker in Washington State allegedly managed to lose or spend about $4 million of his clients' funds, while buying himself luxury cars and a $2 million house.

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Congressional Hearing On Advisor Regulation Coming Next Week

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The House Financial Services Committee has set a hearing on advisor oversight for next Tuesday.

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