Articles Posted in SEC

The Securities and Exchange Commission (SEC) has fined multiple related securities firms for alleged whistleblower violations. The SEC initiated administrative and cease-and-desist proceedings against three financial entities: Nationwide Planning Associates, Inc. (“Nationwide”), NPA Asset Management, LLC (“NPA”), and Blue Point Strategic Wealth Management, LLC (“Blue Point”), collectively referred to as “Respondents”. In response to the…

The Securities and Exchange Commission (SEC) recently announced significant penalties against sixteen firms for widespread recordkeeping failures, amounting to over $81 million in combined fines. Among the firms involved were Northwestern Mutual Investment Services LLC, Guggenheim Securities LLC, Oppenheimer & Co. Inc., Cambridge Investment Research Inc., Key Investment Services LLC, Lincoln Financial Advisors Corporation, U.S.…

The Securities and Exchange Commission of the U.S. (the SEC) recently fined J.P. Morgan Securities $18,000,000 for taking various steps to prevent securities whistleblowers from contacting the SEC or other securities regulators. J.P. Morgan agreed to the Order which can be found here. The alleged wrongdoing centered on the language included by J.P. Morgan in…

The Securities and Exchange Commission (SEC) has taken significant action against Bruderman Asset Management, now known as Gary Goldberg Planning Services, LLC (BAM), and its founder, Matthew J. Bruderman. The SEC has instituted public administrative and cease-and-desist proceedings against these entities, with a final Order found here, citing violations of the Investment Advisers Act of…

The United States Securities Exchange Commission (SEC) recently issued a Staff Bulletin which discussed the use of sales contests or other sales incentives by FINRA Broker-Dealer firms in the context of SEC Regulation Best Interest (Reg BI). Reg BI, 17 CFR 240-15l-1, specifically describes the “best interest” obligation as follows in section (a)(1): “A broker,…