More than two dozen broker/dealers and RIAs agreed to pay a combined $392.75 million in penalties, including Raymond James, LPL, Edward Jones and Osaic, among others.
According to the commission, Russell Todd Burkhalter, the CEO of Drive Planning, allegedly used new funds to pay existing investors’ returns and personal expenses, including yacht and private jet payments.
In a call for a class action lawsuit, Daniel Varady argues that Wells customers “received artificially and unreasonably low rates” on uninvested cash swept into deposit accounts.
The Securities Industry and Financial Markets Association filed a lawsuit against the regulation that took effect last year, saying there was “no precedent for it in the securities laws.”
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