SEC Takes on Asset Management Risk

The Securities and Exchange Commission and its Chair, Mary Jo White, announced a new program for reducing “undue” risk in the $63 trillion asset management business on Thursday. The industry is comprised of 11,000 investment advisors and more than 10,000 mutual funds registered. Assets under management for most of the largest firms have doubled since…

FINRA Broker Compensation Monitoring New Policy

In an effort to manage conflicts of interest more efficiently at brokerage firms, Financial Industry Regulatory Authority (FINRA) recently proposed closer monitoring of broker compensation practices, and the evaluation of new financial products. FINRA initiated a review of 14 firms to evaluate certain financial incentives including, commission-based compensation, which could lead to conflicts of interest…

Dougherty Fined $50,000 by FINRA

Dougherty & Co. was fined by the Financial Industry Regulatory Authority (FINRA) $50,000 for serving as an underwriter for 54 issuers with which it had ongoing “blanket” financial advisory agreements. The fine is the largest of its kind in recent years. It was one of the largest violations of Municipal Securities Rulemaking Board Rule on…

Dante DeMiro

We are investigating former financial advisor Dante DeMiro and his employer’s supervision of him. Recently, DeMiro has pled guilty to three counts of bank fraud and two counts of wire fraud and he received a 10 year prison sentence. Demiro ran a classic ponzi scheme defrauding dozens of investors over at least a three year…