The SEC charged an investment advisory firm and two of its investment advisers with violating their fiduciary duty and defrauding clients by failing to disclose significant financial conflicts of interest.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
A broker-dealer settled FINRA charges of failure to "establish, maintain and enforce a sufficient supervisory system ... reasonably designed to achieve compliance with applicable securities laws and regulations."
A broker-dealer agreed to settle FINRA charges for inadequate trading supervision, providing inaccurate statements, paying unregistered individuals and failing to establish an adequate Customer Identification Program.
The U.S. Court of Appeals for the Second Circuit affirmed a lower court's dismissal of a shareholder's lawsuit, which alleged that a health insurer and its executives misled investors regarding compliance with Medicare regulations.