All posts by Laura Rabon

SEC Charges Clearing Firm with Failing to Comply With Anti-Money Laundering Laws

The Securities and Exchange Commission (SEC) charged Alpine Securities Corporation, a Salt Lake City-based clearing firm, with securities law violations related to its anti-money laundering program through its alleged practice of clearing transactions for microcap stocks that were used in manipulative schemes to harm investors.  Based on the allegations contained in the SEC Complaint, Alpine … Continue reading SEC Charges Clearing Firm with Failing to Comply With Anti-Money Laundering Laws

New FINRA Rule 3210 – Accounts At Other Broker-Dealers

The SEC has approved new FINRA Rule 3210 (Accounts at Other Broker-Dealers and Financial Institutions) which is a consolidated rule governing accounts opened or established by associated persons at firms other than the firm at which they are employed. The goal of the new rule is to help facilitate effective oversight of such accounts by member firms.  New … Continue reading New FINRA Rule 3210 – Accounts At Other Broker-Dealers

FINRA Requiring Educational Communication for Transfer Customers

The Financial Industry Regulatory Authority (“FINRA”) announced in Regulatory Notice 16-18 that the Securities and Exchange Commission approved the adoption of FINRA Rule 2273  (Educational Communication Related to Recruitment Practices and Account Transfers).  The rule establishes an obligation to deliver an educational communication in connection with firm recruitment practices and account transfers.  The rule becomes effective … Continue reading FINRA Requiring Educational Communication for Transfer Customers

SEC Enforcement Activities in Fiscal 2015 Appear Aggressive

The Securities and Exchange Commission announced that in fiscal year 2015, it continued to build a strong record of first-of-their-kind cases that spanned the spectrum of the securities industry. The SEC’s increase in enforcement actions is significant.  The SEC’s independent enforcement actions have increased substantially since 2013, up to 507 actions from 341. This has resulted … Continue reading SEC Enforcement Activities in Fiscal 2015 Appear Aggressive

LeGaye Law Firm to Attend the 2015 NSCP National Conference

The LeGaye Law Firm, a law firm focused on compliance and regulatory issues for the financial industry, is pleased to announce its upcoming attendance at the 2015 National Society of Compliance Professionals (NSCP) National Conference in National Harbor, Maryland, November 1-4, 2015. In attendance will be Daniel E. LeGaye and Mr. Michael Schaps, who bring with them a seasoned … Continue reading LeGaye Law Firm to Attend the 2015 NSCP National Conference

Daniel LeGaye Guest Speaker on Current Regulatory Enforcement Environment

On October 6, 2015, Daniel LeGaye of The LeGaye Law Firm will be a co-speaker at the 2015 SILA National Education Conference.  The panels’ topic is “Walk the Line or Face Enforcement” and the presentation is meant to provide insight into the current regulatory and enforcement environment impacting broker-dealers and investment advisers – and the … Continue reading Daniel LeGaye Guest Speaker on Current Regulatory Enforcement Environment

FINRA Ombudsman Office Releases 2014 Report

The Office of the Ombudsman for the Financial Industry Regulatory Authority (FINRA) recently issued its 2014 Report regarding its activities.  The primary mission of the Ombudsman’s Office is to provide assistance to investors, brokerage firms, individual brokers, and any other business or individual who interacts with FINRA and has concerns regarding unfair treatment or inconsistent regulatory practices. As an independent, … Continue reading FINRA Ombudsman Office Releases 2014 Report

Guggenheim Partners Sanctioned for Failure to Disclose Conflict to Clients

Guggenheim Partners Investment Management LLC agreed to pay a $20 million penalty to settle charges brought by the  Securities and Exchange Commission (SEC)  that it breached its fiduciary duty by failing to disclose a $50 million loan that one of its senior executives received from an advisory client. According to the SEC’s order instituting a … Continue reading Guggenheim Partners Sanctioned for Failure to Disclose Conflict to Clients

SEC Chair May Jo White Participates in Military Consumer Protection Day

Securities and Exchange Commission Chair Mary Jo White led a multi-agency event on July 15 to support the Military Consumer Protection Day 2015, highlighting how service members can best protect themselves and their finances from fraud and identity theft. Service members and their families are frequent targets for financial fraud and identity theft.  Military Consumer … Continue reading SEC Chair May Jo White Participates in Military Consumer Protection Day