The post-election environment and positive developments toward a COVID-19 vaccine have led to a surge in stock prices. The added clarity on these two fronts has boosted sentiment, which may present a risk in the near term as stock prices are near all-time highs.
According to the SEC’s complaint, from 2018 to 2020, Andrew J. Chapin, the founder and CEO of Benja Inc., told investors that Benja was a successful online advertising platform that generated millions of dollars in revenue from popular consumer clothing brands and retailers.
Investors this year say their number-one financial concern over the next 12 months is losses to their portfolio due to the impact of the COVID-19 pandemic (32%), followed closely by protecting assets (31%), while managing volatility (22%) is a distant third.
Jay Clayton confirmed in a lengthy news release this morning that he will be stepping down as chairman of the Securities and Exchange Commission at the end of this year. The move had long been rumored and will leave President-elect Joe Biden to nominate a new commission head.
Wells Fargo’s former chief executive and former head of Wells Fargo’s Community Bank defrauded investors by using a metric that was inflated by accounts that were opened for consumers who did not ask for or want them, according to new charges filed by the Securities and Exchange Commission.
While not admitting liability, JP Morgan Chase will, as part of the overall agreement, pay at least $9.8 million – which includes $800,000 in back pay and interest to 67 eligible litigation class members, and a minimum of $9 million in pay equity adjustments for female and minority employees across the JP Morgan Chase U.S. workforce over the next five years.
The Securities and Exchange Commission today announced charges against The Goldman Sachs Group Inc. for violations of the Foreign Corrupt Practices Act (FCPA) in connection with the 1Malaysia Development Berhad (1MDB) bribe scheme.
The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York on June 4, 2019, alleged that Kik sold digital asset securities to U.S. investors without registering their offer and sale as required by the U.S. securities laws.
A leading seller of fixed index annuities, American Equity announced the Brookfield deal with a Sunday news release. Brookfield will acquire a 19.9% ownership interest in the common shares of AEL in two stages, starting with an initial purchase of a 9.9% interest at $37 per share promptly following required regulatory approval.
New research from Northwestern Mutual’s 2020 Planning & Progress Study reveals that the savings rate among American adults aged 18+ is up, and it’s likely the result of their concerns about what could come next financially and economically at this extraordinary moment in history.
The Securities and Exchange Commission has charged Houston-based seismic data company, SAExploration Holdings Inc. (SAE), and four former executives for a multi-year accounting fraud that falsely inflated the company’s revenue by approximately $100 million and concealed the theft of millions of dollars by the executives.
The SEC said Morgan Stanley hedged synthetic exposure to swaps by purchasing or selling the securities referenced in the swaps, and it separated its hedges into two aggregation units – one holding only long positions, and the other holding only short positions.
The Securities and Exchange Commission today announced charges against J.P. Morgan Securities for fraudulently engaging in manipulative trading of U.S. Treasury securities. J.P. Morgan Securities admitted the findings in the SEC’s order, and agreed to pay disgorgement of $10 million and a civil penalty of $25 million to settle the action.
The Securities and Exchange Commission today filed settled actions against two public companies for violations that resulted in the improper reporting of quarterly earnings per share (EPS) that met or exceeded analyst consensus estimates.
The Securities and Exchange Commission today announced settled charges against Germany-based automaker BMW AG and two of its U.S. subsidiaries for disclosing inaccurate and misleading information about BMW’s retail sales volume in the U.S. while raising approximately $18 billion from investors in several corporate bond offerings.
The Securities and Exchange Commission today announced that it has obtained an asset freeze and other emergency relief to halt a series of microcap market manipulation schemes that defrauded retail investors.
The Securities and Exchange Commission today charged Yinghang “James” Yang, a senior index manager at a globally recognized index provider, and his friend Yuanbiao Chen, a manager at a sushi restaurant, with perpetrating an insider-trading scheme that generated more than $900,000 in illegal profits.
The SEC’s complaint alleges that over a two-year period, Milton J. Dosal, Jr. raised nearly $100,000 from approximately 41 investors under the guise that he would day-trade stocks on their behalf. According to the complaint, Dosal, a car enthusiast, met a number of investors through car club events.
The Securities and Exchange Commission charged Park View School, Inc., a state-funded, nonprofit charter school operator based in Prescott Valley, Ariz., and its former President, Debra Kay Slagle, with misleading investors in an April 2016 municipal bond offering.
The Securities and Exchange Commission announced charges Friday against five Atlanta-based individuals, including film producer Ryan Felton, rapper and actor Clifford Harris, Jr., known as T.I. or Tip, and three others who each promoted one of Felton’s two allegedly unregistered and fraudulent initial coin offerings (ICOs).
The Securities and Exchange Commission today announced that the court-appointed receiver has begun the final $1 billion distribution to investors in connection with the SEC’s action against defendants Paul Greenwood, Steven Walsh, and their affiliated WG Trading entities.
No one involved with the program — from the IRS to Arizona business organizations to Washington think tanks — could say how many businesses will actually participate in the voluntary program, and how many workers might be affected.
New joint research from the Money Management Institute and Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, finds that the most successful financial advisors, those defined as managing more than $500 million in assets, are taking advantage of the digital tools.
The Securities and Exchange Commission charged former Georgia state legislator and former member of the Georgia Board of Regents Clarence Dean Alford with defrauding at least 100 investors in his now-bankrupt energy development company, Allied Energy Services.
Advisors say they sell equity positions to generate cash (44%) and allocate more heavily to dividend paying stocks (45%) to bridge the shortfall in retirement income brought about by low interest rates. Many also indicated they have invested client assets in riskier fixed income instruments in a search for yield.
The Securities and Exchange Commission today charged Houston-based VALIC Financial Advisors Inc. in a pair of actions for failing to disclose to teachers and other investors practices that generated millions of dollars in fees and other financial benefits for VFA.
The Securities and Exchange Commission charged Trustify Inc., an online marketplace purportedly designed to connect customers to a network of private investigators, and its founder and CEO Daniel Boice with fraudulently offering and selling over $18.5 million of securities to more than 90 corporate and individual investors.
The Securities and Exchange Commission charged a Mountain View, Calif.-based technology start-up and its chief executive officer with defrauding investors by making false and misleading statements about the company’s finances and sources of revenue.
The SEC’s complaint alleges that Michael Barry Carter, a financial advisor in the McLean, Va. office of a large financial institution, falsified internal documents in order to effect dozens of unauthorized wire transfers totaling millions of dollars.
The Securities and Exchange Commission charged David Hu, the co-founder and chief investment officer of International Investment Group, a former registered investment adviser, with fraud for his role in a $60 million Ponzi-like scheme.
The trajectory of the economic recovery remains uncertain, but based on the depth of the contraction and a multi-staged recovery, LPL Financial Research strategists’ 2020 base-case forecast calls for a 3 to 5 percent contraction in gross domestic product.
The Securities and Exchange Commission today charged California-based Abra and a related firm in the Philippines for offering and selling security-based swaps to retail investors without registration and for failing to transact those swaps on a registered national exchange.
The 2nd U.S. Circuit Court of Appeals ruled that the Securities and Exchange Commission acted properly in developing Regulation Best Interest and that the rule was not arbitrary and capricious. The court’s decision on Friday means that Reg BI, which establishes a new advice standard for brokers, can take effect as planned on Tuesday.
The Volcker Rule was part of the overhaul of banking regulation approved in the Dodd-Frank Act passed by Congress in 2010 in an effort to curtail excesses that had led to the 2008 financial crisis. However, President Donald Trump had campaigned in 2016 on rolling back what he saw as over-regulation of the banks.
A Los Angeles-based private equity firm and registered investment adviser, has agreed to pay $1 million dollars to settle charges that it failed to implement and enforce policies and procedures reasonably designed to prevent the misuse of material nonpublic information.
The Senate passed an unparalleled $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic. The unanimous vote Wednesday came despite misgivings on both sides.
The White House and Senate leaders of both parties have struck an agreement on a sweeping $2 trillion measure to aid workers, businesses and a health care system strained by the rapidly spreading coronavirus outbreak. Top White House aide Eric Ueland announced the agreement in a Capitol hallway shortly after midnight.
Morgan Stanley will acquire E-Trade’s $360 billion in assets and 5.2 million customers as part of the merger, which Morgan Stanley can then turn around and use to start making loans. E-Trade has a popular online platform that helps businesses manage their employee stock plans, which will be merged into Morgan Stanley’s existing platform as well.
Even just talk of a possible recession can trigger anxiety for anyone who associates it with the major economic downturn of a dozen years ago. Recessions — and their severity — are out of your control, your own financial situation doesn’t have to be.
One of the potential disruptors of the generally positive economic news surfaced in the form of a viral outbreak in China last week. Known as the coronavirus, as of this morning, there were nearly 2,800 cases in mainland China (mostly in the Wuhan area) and 80 deaths, for a mortality rate of about 3 percent.
Having a CRM will help keep your business running smoother and more successfully, all while saving you and your clients time and money. The author explains all the ways a good CRM makes the advisor’s life a lot easier to manage and be successful.
Fourth-quarter earnings season kicked off last week with 24 S&P 500 Index companies reporting fourth quarter results. The market’s reception to the first batch of results was mostly positive, particularly for several of the big banks.
A survey by the Insured Retirement Institute (IRI) finds that millennials’ expectations are not well aligned with the retirement planning steps they have taken thus far. Although nearly eight in ten millennials say that they have saved some money for retirement, nearly half – 46 percent – have saved less than $10,000.
Advisors want to have the freedom and flexibility to provide the best possible client experience as true fiduciaries and differentiate themselves in order to compete for more wallet share. With overall wealth increasing in the U.S., there will be continued demand for the services that independent advisors deliver.
