October 2016

Advisor Charged With Cheating Pro Athletes Stripped Of CFP Designation
Ash Narayan is charged by the SEC with defrauding professional football and baseball stars out of $33 million.

Advisor Leased Mercedes-Benzes With Clients' Money
The SEC charges Los Angeles advisor with using client money for himself.

CFP Board Disciplines Designees
The CFP Board has revoked the right of three CFP designees to use the professional mark.

JPMorgan Criticized About Valuation Of Complex Bonds It Sold
The company inflated the value of complex bonds it sold to individual investors, a new study says.

For Wells Fargo, Angry Questions About Profiling Latinos
Matthew Castro says he’s sorry about what he did at Wells Fargo and even sorrier about the people he did it to: Latinos not so different from himself.

Wells Fargo Faces Costly Overhaul Of Bankrupt Sales Culture
Executives will have to rebuild systems of sales incentives and performance management that date back two decades.

Texas Advisor Suspended For Doubling Client’s Risky Assets
A Plano advisor was suspended for allegedly doubling a client's risky assets.

How Fidelity's Owners, Other Funds, Profit On VC Ahead Of Investors
A private venture capital arm run on behalf of Fidelity's Johnson family competes with the company's retail funds.

Cetera Subsidiary Agrees To $1.1M Finra Penalty
Investors Capital allegedly recommended unsuitable trades in unit investment trusts and other complex products.

Hawaiian Advisor Allegedly 'Cherry-Picked' $500,000 From Clients
Laurence Balter is accused of multiple acts of securities and advisor fraud by the SEC.

Massachusetts Hits Morgan Stanley Over Sales Contest
The state charged the firm with illegal conduct over a sales contest that promoted lines of credit for investment customers.

Morgan Stanley Broker Sentenced For Insider Trading Scheme
The Colts Neck, N.J.-man was sentenced for getting insider M&A tips.