Regulators often go after firms and advisors for fraud, but what about clients who conduct shady business? On Thursday, the Securities and Exchange Commission charged Massachusetts resident Nathaniel D. Ponn with fraud. The regulator claims Ponn defrauded numerous broker/dealers by making bogus bank transfers into newly opened brokerage accounts and then using the fake cash to buy stocks and mutual funds. Michigan Passes Digital Asset Access Law Some good news out of Michigan (for once), as Gov. Rick Snyder recently signed into law legislation laying out the parameters by which the relatives of a deceased may access his digital assets, according to local news affiliates. Most states have yet to take an official stance on this issue, which leaves many families in flux, and leads to vastly inconsistent results. This bill allows an individual to use a digital tool (such as Facebook’s legacy contacts) to designate who may access an account after death. Additionally, you can now grant control and determine level of access through more typical estate planning documents, like wills, trusts and powers of attorney. NFL Players Report for Finance Training Camp Twenty-eight current and former NFL players will take part in the second annual NFL Personal Finance camp happening next week in Fort Lauderdale, FL. The four-day education program developed by the NFL, The University of Miami School of Business Administration and TD Ameritrade, introduces the attendees to the financial world to help them maintain long-term financial security. Green Bay Packers linebacker Julius Peppers, Chicago Bears safety Antrel Rolle and Detroit Lions linebacker Stephen Tulloch are among those in attendance, and 15 of the players are also bringing their spouse or significant other. Survey Details How Americans Feel About Advisor Conflicts of Interest A new survey from Financial Engines outlines what potential clients want out of their investment advisors ahead of the widely anticipated "Conflict of Interest" rule from the U.S. Department of Labor. According to the research, 77 percent of Americans want advisors to be legally required to provide non-conflicted advice. The statistic comes from a respondent pool of 1,018 adults. Glaringly, 46 percent of Americans wrongly believe that there is already a rule in place requiring investment advisors to put their clients' interests first when providing retirement investment advice. READ MORE OF THE DAILY BRIEF |