The Regulators Category

The organizations that regulate the financial services are there to make sure companies, advisors, and representatives adhere to the rules. They are supposed to identify the bad guys and jail them or kick them out the industry. But, don’t count on it! The SEC didn’t catch Madoff in almost 20 years and countless sales representatives have multiple client complaints on their records, but are still actively employed in the industry. The buck still stops with you when it comes to protecting your own assets.

By: Matthew Arndt, CFA, CPA, CFP | June 10, 2009 | The Politicians, The Regulators, Wall Street Ethics, Who Can I Trust?

 It is a sad day in America when you have to turn to Comedy Central for an outlet to receive critical, hard-hitting news about our economy and government. Here is a short interview with Peter Schiff, author of Crash Proof, on fixing the economy. Not only does it provide some sobering news on our economy [...]

By: Matthew Arndt, CFA, CPA, CFP | May 26, 2009 | Financial Advisors, Illegal Schemes & Scams, The Regulators, Who Can I Trust?

The former President of the National Association of Personal Financial Advisors (NAPFA), James Putman was charged by the SEC with taking kickbacks from unregistered investment pools in which his advisory firm, Wealth Management, LLC placed $102 million in client assets. Putnam was currently serving as CEO of Wealth Management, LLC, which he started in 1985.

By: Matthew Arndt, CFA, CPA, CFP | May 19, 2009 | Illegal Schemes & Scams, Report Fraud, The Regulators, Who Can I Trust?

Currently, the SEC is proposing a rule that would require investment advisers to provide evidence to an independent accountant proving they actually possess their clients’ assets they say they have.  The rule aims to better protect the invested dollars of those who use investment advisers.
Regulators are concerned that it is too easy to cover up [...]

By: Jack WaymirecloseAuthor: Jack Waymire Name: Jack Waymire
Email: jack@paladinregistry.com
Site: http://paladinregistry.com
About: Jack writes for the InvestorWatchdog website and Worth magazine. He worked in the financial services industry from 1976 to 2004. For twenty of those years he was the president of a Registered Investment Advisory firm and a Broker/Dealer. Jack is the author of Who's Watching Your Money? The 17 Paladin Principles for Selecting a Financial Advisor and is a co-founder of PaladinRegistry.com.See Authors Posts (87) | May 18, 2009 | The Regulators

As reported by CBS News, two SEC compliance attorneys are being investigated for insider trading. These attorneys were in a position to view sensitive company information and they may have used the data to line their own pockets.
What’s more disturbing is a report from David Kotz, the SEC’s inspector general that found the SEC "has essentially [...]