Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Watchdog Has Mutual Funds in its Cross Hairs Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 15, 2010

Watchdog Has Mutual Funds in its Cross Hairs

News summary by MFWire's editors

Attention, fundsters: Can you guess what types of cases drew more ire from the Financial Regulatory Authority and resulted in disiplinary actions last year by the agency?

If you guessed alternative investments and Ponzi schemes, guess again. Based on the disciplinary actions and fines reported in Finra's monthly reports, mutual-fund cases accounted for nearly one-fourth of Finra's fines last year, or about $12 million, according to the Wall Street Journal's Fund Track column, citing a study from law firm Sutherland Asbill & Brennan.

Suitability allegations, which included sales of certain mutual-fund classes, finished a close second with $11.9 million in fines while Other top enforcement cases included variable products ($6.5 million in fines) and licensing ($5.6 million).

However, enforcement priorities and actions concerning bogus sales to seniors and retirees, alternative investments, private placements and Ponzi schemes reportedly didn't make the list of top fine-generating enforcement issues in 2009. The agency is indeed making a concerted effort to rein in mutual fund shenanigans. FINRA last week reportedly asked the Commodities Futures Trading Commission to require mutual funds that trade futures contract to register with the agency. Stay tuned.  

Edited by: Hung Tran


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use