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The Financial Industry Regulatory Authority has levied a $3.25 million fine and $9.78 million in restitution costs against Morgan Stanley Smith Barney “for failing to supervise its representatives’ short-term trades of unit investment trusts (UITs).” FINRA found that more than 3,000 customers were affected by improper sales and practices. ...
Penn Wins Lawsuit Challenging Retirement Plan Fees
The University of Pennsylvania successfully rebuffed every charge in a class action lawsuit against the university challenging the fees and investment options within its retirement plan. The ruling is the first complete victory for a college accused of retirement plan mismanagement. Yale, Vanderbilt, Johns Hopkins, Cornell, New York University, Columbia, Duke, Emory, MIT and Princeton all face similar litigation. ...
Focus Helps Two Partners Close Deals
Focus Financial Partners helped facilitate mergers for two partner firms. Focus partner Carnick & Kubik Group in Denver has merged with First Houston Capital, an independent RIA in Houston, marking Carnick & Kubik’s first deal since joining the Focus partnership in 2016. JFS Wealth Advisors, a Focus partner firm in Hermitage, Pa., penned a deal with Anchor Financial Group, a wealth management firm in Camp Hill and Lancaster, Pa. ... |
