Brookstreet Reps Out $5 Million In CommissionsSep 1, 2007John Churchill Brookstreet reps that had to flee their firm as it collapsed under the weight of millions of dollars in margin calls are still wondering when or if they'll... BlotterSep 1, 2007John Churchill That's Why They Call It Prison, Frank Frank Gruttadauria was sent back to prison in August after he apparently went for a walk right out the front door... The New Super SupervisionSep 1, 2007By Elizabeth Lebras Blame Frank Gruttadauria. A little over one year after NASD's new supervisory control rules (3012 and 3013) took effect, broker/dealers are tightening... You Can Take Them With You (But It's Not As Easy As You Think)Sep 1, 2007By Halah Touryalai When a Portand, ORE.-based independent rep. recently took detailed client information with her to her new broker/dealer, she had no idea that she was... The Hot SeatSep 1, 2007By Kevin Burke When Bob McCann flew to Washington, D.C., on July 16 to meet with SEC Chairman Christopher Cox, it was a last-ditch effort to save fee-based brokerage accounts ... The Death of a BrokerageAug 1, 2007By John Churchill Stanley Brooks was living the dream. With a $16,000 investment in 1990, Brooks built Brookstreet Securities of Irvine, Calif., into a $150 million revenue... BlotterAug 1, 2007John Churchill NASD Says No to Sharing In the first case of its kind, according to an NASD release, Securities America has been charged with funneling directed brokerage... Taking the FifthAug 1, 2007By Bill Singer It is hard to watch television these days and not come across some courtroom drama in which the suspect proclaims: I take the Fifth! Oh, no! The detectives... Drink Pepsi, Raise the DeadAug 1, 2007John Churchill The regulatory body created by the recent merger of NYSE Regulation and NASD Regulation, known for the past five weeks as SIRA, needs a new name. As it... Ducking Family DisputesJul 1, 2007
My client has money with me, refers clients to me, and quite frankly, is a great friend of mine. His wife has given me a million to invest for her. Only,... BlotterJul 1, 2007John Churchill Citigroup Dinged $15 Million: The NASD settled with Citigroup Global Markets to the tune of $15.2 million for charges related to misleading documents... Court Okays 120 Days to Move Fee-based Brokerage AccountsJun 27, 2007By John Churchill Broker-dealers got the breathing room they hoped for on Monday with regards to complying with the recent court ruling that outlaws fee-based brokerage accounts. A federal court granted an SEC-requested 120 day stay, until October 1st, for firms to do away with their fee-based brokerage accounts per a federal court ruling on March 30th banning the accounts. (Read Registered Rep.’s May cover story about the pain of the new reality.)... What Now?Jun 1, 2007By John Churchill With some one million odd fee-based brokerage accounts holding $300 billion in assets now legally considered advisory accounts, brokerage firms face the daunting task of deciding (quickly) what to do next.... BlotterJun 1, 2007John Churchill Misleading the Military: NASD fined two Fidelity b/ds $400,000 for preparing and distributing misleading sales literature that promoted Fidelity's Destiny I and II Systematic Investment Plans, which were primarily sold to U.S. military personnel.... NASD OverkillJun 1, 2007By Bill Singer When regulators play hardball—and lose.... Spitzer Forms Panel to Clean up NY RegulationMay 29, 2007By Kristen French In his new role as New York governor, Eliot Spitzer is joining forces with those he used to terrorize—Wall Street chief executives—to modernize financial services regulation in the state, the Financial Times reports. Spitzer is forming a panel with the executives, as well as with lawyers, consumer groups and regulators to streamline regulations and make New York more competitive with London, without sacrificing investor protection. The committee will be chaired by Eric Dinallo, the New York insurance superintendent, and will seek to simplify regulation of insurance companies state-chartered banks and securities dealers. ... “Merrill Lynch” Rule Dead, But SEC to Ask for TimeMay 14, 2007By John Churchill The SEC isn’t going to fight the March 30 D.C. Court of Appeals ruling that vacated Rule 202, the broker/dealer exemption (a.k.a. the Merrill Lynch rule)—they’re just asking for a little mercy for firms that have to adjust. The securities industry still hopes that the SEC will somehow come up with a new plan to keep the fee-based brokerage account (or something like it) from coverage by the Investment Advisers Act of 1940, which mandates that to offer financial advice, you have to be a fiduciary.... NASD Chair Sees Better Oversight of New ProductsMay 14, 2007By Kevin Burke WASHINGTON, D.C. – Speaking at the 49th annual Investment Company Institute general membership meeting, NASD Chairman Mary Shapiro told mutual fund executives she sees better regulation of investment products as a result of the expected merger of the NYSE and NASD regulatory bodies. While this potentially is better news for investors, purveyors of mutual funds may find themselves in the crosshairs when bringing more nuanced products to market.... SEC Fines A.G. Edwards for Failure to SuperviseMay 2, 2007By John Churchill Add A.G. Edwards to the long list of firms that have been fined by the SEC for long-ago failures to supervise brokers who deceptively market timed mutual funds. ... Pleasing All MastersMay 1, 2007
Q: I always live by the rule of The Client Comes First. But, sometimes I feel that my bosses are pushing in the opposite direction. What do I do when I feel a product or solution that is not proprietary is a better fit for my client, but my bosses are pushing me to sell our company products for the benefit of the company?... The Great ReckoningMay 1, 2007BY JOHN CHURCHILL Oy. What a headache. That's what many Series 7-carrying advisors are saying about the prospect of the end of the Merrill Lynch rule. ... RIAs, Hedge Funds to Pay Up for Compliance HelpApr 25, 2007By Kevin Burke Registered investment advisors, broker-dealers and hedge funds are spending more money on compliance software than ever before. This according to a report released on Tuesday by research firm Celent, which predicts that the U.S. wealth management compliance solutions market will reap $178 million in sales in 2007, growing to $318 million by 2011. The overall market is expected to grow steadily at a 15 percent compound annual growth rate, but the kinds of purchases made and the amount spent by different firms will vary by market segment. ... Ex-Merrill Broker Nabbed in Online Gambling StingMar 29, 2007By Kevin Burke Fairly or unfairly, gambling and strip clubs have always been associated with slick, fast-talking Wall Street brokers. And while most financial advisors would argue that this is nothing more than an unfortunate stereotype, the headlines continue to suggest otherwise.... Don't Mess with Suspension RulesMar 1, 2007By Bill Singer If you are like most working people, you go to the office every day. And, if you like your job, it can even be hard to stay away. But if you get a suspension... |
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