Most U.S. investors say that any financial professional selling investments, including insurance agents, should operate under a “fiduciary standard” requiring them to put their clients’ interests ahead of their own.

A bill prohibiting the misleading use of senior-specific certifications or professional designations for financial advisors linked to the sale of securities is moving forward in New Jersey.

A New Jersey Superior Court has approved a $5.15 million distribution plan to investors defrauded by Newark, N.J., native Robert Brennan and his firm in a case dating back nearly 15 years.

A Missouri-based financial services firm will repurchase all of its retail clients’ auction rate securities, including $41 million in payouts this year, as part of a settlement agreement.

Merrill Lynch agreed to pay about $425,000 to Virginia to settle allegations that some of its administrative and sales support staff involved in securities transactions in the state were not registered under the Virginia Securities Act.

Virginia’s State Corporation Commission has issued a consent order finalizing its participation in a global settlement involving RBC Capital Markets Corp.

Wachovia Securities has finalized a deal with regulators in the District of Columbia on the repurchase of auction-rate securities to settle allegations the firm’s dealers misled investors about the safety of the market.

Pennsylvania Rep. Paul Kanjorski said that if the Obama Administration’s proposed Consumer Financial Protection Agency is passed, an optional federal insurance charter would be unnecessary.

Paul Kanjorski

“After this [is approved], …  Read →