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FINRA recently fined the electronic broker-dealer Interactive Brokers LLC for widespread failures in its anti-money laundering (AML) program, which persisted for more than five years. As part of the $15 million settlement, FINRA required Interactive Brokers to certify that it will implement the recommendations of a third-party consultant to remedy the firm’s AML program failures [...]

Morgan & Morgan’s securities attorneys are investigating an alleged fraudulent scheme perpetrated by Complete Business Solutions Group Inc. (d/b/a Par Funding) that raised about $500 million from over 1,000 investors. The SEC recently filed an emergency action in federal court in Florida, and obtained a temporary restraining order and asset freeze to shut down Par [...]

Dealing with the estate of a loved one who has passed away — a legal process known as probate — can be overwhelming. Particularly so, if there is a dispute regarding the assets of the estate, which may need to be resolved through litigation. Attorney Sean Perkins, who is a partner in the Morgan & [...]

The Securities and Exchange Commission recently charged VALIC Financial Advisors Inc. with failing to disclose conflicts of interest regarding mutual fund investments that were more expensive for clients than other available options. By placing clients in these more expensive mutual funds, VALIC earned millions of dollars in revenues, which it never disclosed to clients. The [...]