DOL Sends Fiduciary Rule Update to OMB
Experts believe the White House will conduct a quick review of the “middle-of-the-way” proposal.
Regulation
UK High Court Equalization Ruling to Burden Pension Trustees
Legal experts expect court decision will add ‘significant difficulties’ for defined benefit trustees and could take years to complete.
Former CEO, COO of MiMedx Convicted of Securities Fraud
CEO Parker Petit and COO William Taylor were found guilty of falsely inflating the biopharmaceutical company’s revenue figures.
Financial Adviser Sentenced to More Than 3 Years in Prison for Ponzi Scheme
James Booth convinced an elderly widow to invest her late husband’s pension and another investor to hand over his child’s college funds.
Laid-Off Ford Managers Set Back on Bid for Higher Pension Payouts
Federal judge rules that they must use arbitration, instead of the courts, to seek redress.
SEC Charges Five Firms for Unsuitable Exchange-Traded Product Sales
The companies’ advisers told clients to hold complex short-term investments for as long as a year or more, contrary to warnings in offering documents.
NYC Investment Fund Manager Convicted of Multiple Fraud Charges
Donald LaGuardia faces a maximum of 45 years in prison for misappropriating funds and lying to investors.
Wells Fargo Ex-CEO Stumpf Pays $2.5 Million to Settle SEC Charges He Misled Investors
Former Community Bank head Carrie Tolstedt has also been charged by the regulator.
SEC Collects Record $4.68 Billion in Disgorgement, Penalties in Fiscal 2020
The regulator also doled out a record $175 million to whistleblowers during the year.
UK Pension Cleared to Sue Apple over Alleged Misleading China Comments
Judge says it ‘strains credulity’ that CEO Tim Cook was unaware of potential impact of trade tensions on iPhone sales in China.
FBI Arrests Head of Wealth Management Firm for Fraud
Terrence Chalk, aka Dr. Cash, allegedly hid his criminal past to defraud investors out of more than $4 million.
Judge Rules Sterne Agee Analyst Complicit in NY Pension Pay-to-Play Scheme
John Paulsen planned ski trip for New York state pension fund fixed-income director in exchange for business directed to firm.
Rhode Island Pension Sues Restaurant Brands over Offerings
Lawsuit alleges the fast-food company misled investors about the underperformance of its Tim Hortons chain.
DOL, Dubious About ESG Pension Investing, Cuts It a Bit of Slack in Final Rule
The regulation still requires that plans only use financial considerations in investments, but says companies’ pollution and bad governance may be factors, too.
UK Regulators Fine Goldman Sachs International $126 Million for 1MDB ‘Failures’
The Financial Conduct Authority and the Prudential Regulation Authority said the firm allowed severe misconduct to go unaddressed.