David Lerner Associates is the center of FINRA's latest due diligence complaint, this time over the suitability of proprietary REIT securities that the regulator says were too aggressively sold and too lightly researched.
The SEC inspector general's latest semiannual report to Congress is lengthy but all that detail provides a rare look at how the regulator really operates -- warts and all.
If not for a lucky phone call, the SEC would never have noticed that an Illinois advisor had apparently been concocting fake investment statements for his clients since the late 1980s.
The SEC's internal investigator has determined that the regulator's $500 million lease of vast amounts of unneeded office space was only the latest blunder in a litany of bad real estate choices.
Despite all the angst out there, sell side analysts at Keefe Bruyette & Woods say the cost of looming regulation for the industry will be "incremental" at worst and that fears are "overblown."
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