SEC seal

Regulation Best Interest is really Regulation Status Quo

April 24, 2018

Regulation Best Interest ? Under the SEC’s proposed Regulation Best Interest, the SEC says a broker-dealer would be required to act in the best interests of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. This is the SEC’s plan to displace the Department of Labor’s uniform fiduciary standard for retirement accounts which was adopted after YEARS of analysis.

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Bernie Madoff

Madoff ponzi scheme victims to recover more

April 12, 2018

$504 million more to victims of Madoff ponzi scheme. Madoff ponzi scheme victims are to receive another $504 million from assets that government seized after the collapse of one of the largest frauds in history. Payments to victims could reach $4 billion. Much of these funds were recovered from Madoff’s family and friends, Madoff’s bank J.P. Morgan Chase, and from wealthy investors who had cashed out billions of what turned out to be fictitious profits.

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Martin Shkreli

Martin Shkreli investor to recover losses

April 11, 2018

Shkreli investor to recover losses. A NJ federal court ordered convicted fraudster Martin Shkreli to pay one defrauded hedge fund investor about $388,000 in restitution. 

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Nun with ruler

Wells Fargo shamed by Nuns

April 6, 2018

Wells Fargo shamed by Nuns. Wells Fargo has been taken to task for failing to publicly report on the root causes that led to a rash of ethical lapses in recent years by an investor group led by the Interfaith Center on Corporate Responsibility and including about 20 religious organizations as well as state officials from Rhode Island and Connecticut.

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Knight in armor on horse

State unfair deceptive trade practices – what you should know

April 5, 2018

The National Consumer Law Center has issued its report on the unfair deceptive trade practices laws in the 50 states and the District of Columbia. The report highlights the strengths and weaknesses of the Unfair and Deceptive Acts and Practices (UDAP) laws that prohibit deceptive and unfair practices in consumer transactions, such as sales of cars and other goods, loans, home improvements, and mortgage transactions.

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