Outdated systems inherited from Bear Stearns led J.P. Morgan Securities to fail to properly segregate customer securities and to break supervisory rule from 2008 through mid-2016, regulatory says.
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After appealing a $350,000 fine for “egregious” misconduct in fraud case, Meyers Associates ends up with order to pay $500,000.
Traditional firms that have moved advisors aggressively to fee-based accounts are battling the unintended consequence of lower account growth.
Finra attributes problems in part to firm’s decision to subordinate its retail monitoring system to Bank of America’s broader system.
Independent broker-dealer says wirehouse brokers wanted to escape restrictive bureaucracy while Stifel says brokers wanted a firm that is not controlled by a bank.