FINRA published an FAQ concerning broker-dealer personnel hosting a virtual entertainment event or video meeting with employees of institutional customers or third-party broker-dealers where food and beverage will be provided.
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 federal court ordered a former CEO of an investment firm to pay over $13 million in disgorgement and penalties for violating federal securities laws in relation to allegations that he misled investors about the performance of an investment strategy.
The CFTC filed a federal complaint and obtained a restraining order against a corporation and several individuals for misappropriating over $6 million in customer funds in connection with an offering of a virtual currency.
SEC Chair Jay Clayton urged market professionals to act responsibly when dealing with Initial Coin Offerings and shared his perspective on the implementation of remaining Dodd-Frank rulemaking mandates.
A former executive at a transition management company agreed to pay a $975,000 fine in addition to a lifetime securities industry bar for his role in a fraudulent scheme to hide from clients significant overcharges for execution of trade orders.