Advisor.ca has compiled the top fraud and fine stories of the day.
Covering topics from tax evasion to insider trading, these posts illustrate the possible consequences of crossing regulatory lines:
Rep fined $30,000 over suitability
IIROC says this rep admitted he failed to use due diligence to learn and remain informed of the essential facts relative to one client, and handed down a $30,000 fine and a suspension.
Broker busted for CE cheat sheet
The inimitable Bill Singer shows how one Citigroup rep was busted for using a cheat sheet for a continuing education course.
Hedge fund manages found guilty of insider trading
Bloomberg reports the co-founder of Level Global Investors, Anthony Chiasson, and a former Diamondback Capital Management portfolio manager have been convicted of securities fraud.
Morgan Stanley fined $5 million over Facebook IPO
Massachusetts officials are fining Morgan Stanley $5 million for only partially disclosing financial information about Facebook ahead of its troubled IPO in May.
Regulators ban and fine B.C. man $700,000
A British Columbia Securities Commission panel has permanently banned a B.C. man from the province’s capital markets for committing fraud.
Deutsche Bank allegedly evades taxes; 3 arrests over Libor
Two Deutsche Bank execs are under investigation as part of a tax evasion probe. At the same time, UK authorities arrested 3 people last week for their alleged participation in the LIBOR rate scandal.
And if you’re looking for some tips on how to safely conduct outside business activities and protect your reputation, read: Are outside business activities worth the risk?