SEC Cracks The Whip

Posted on November 9, 2011


From Melanie Waddell at AdvisorOne:

The Securities and Exchange Commission announced Wednesday that the agency filed a record 735 enforcement actions in the fiscal year that ended Sept. 30—with 146 of these actions being taken against investment advisors, a 30% increase over 2010.

Among those charged in SEC investment advisor and broker-dealer actions were…

…Merrill Lynch for misusing customer order information to place proprietary trades for the firm and for charging customers undisclosed trading fees.

The whole article is a must-read (especially for you industry folks) but the Merrill violation was an absolute eye-popper for me… that’s beyond insane.

Go Read It Now:

SEC Crackdown Hits Advisors Hard, as Actions Reach Record in 2011

Posted in: Wall Street