WebAug 3, 2024 · Compliance deficiencies faulted in Western International Securities Reg BI case. 2024-06-16T21:15:00Z. Western International Securities and five of its brokers have been charged by the Securities and Exchange Commission with violating Regulation Best Interest when they sold high-risk debt securities to investors who weren’t aware of the risks. WebOct 19, 2024 · How the SEC enforces Reg BI is still an open question, and thus far there have been no cases related to the rule, Greer noted. Mirko said the commission was currently on a “ramp,” giving the ...
High Risk, No Reward: SEC’s First Reg BI Enforcement Action
WebAug 31, 2024 · In June, the SEC brought a Reg BI enforcement case against broker dealer Western International Securities, Inc. and five brokers. According to the complaint, the firm and its brokers violated the Best Interest Obligation when they recommended and sold $13.3 billion in high-risk and unrated bonds to retirees and retail investors. WebThe SEC's Regulation Best Interest (Reg BI) under the Securities Exchange Act of 1934 establishes a "best interest" standard of conduct for broker-dealers and associated persons when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities, including recommendations of types of accounts. pickled wieners recipe
More Reg BI Actions May Be Ahead: SEC Enforcement Chief
WebAug 16, 2024 · A Reg BI Lawsuit Could Cost You Millions. Contributor. [email protected] (FINSUM) FINSUM. Published. Aug 16, 2024 02:11PM EDT. Western International Securities Inc., which is the first broker ... WebAug 25, 2024 · The Multi-Million Dollar SEC Reg BI Case. On June 16, 2024, the Securities and Exchange Commission announced. that it had taken its first enforcement action against a broker-dealer for violating Regulation Best Interest SEC regulations. It levied charges against Western International Securities, Inc., a registered broker-dealer. WebJun 16, 2024 · The Securities and Exchange Commission today charged registered broker-dealer Western International Securities, Inc. and five of its registered representatives, or … top 3 gold reserve holders in asia