June 23
O’Connell told the office of the Secretary of the Commonwealth of Massachusetts that he decided to remain unregistered because “it was too expensive to stay registered for just seven clients,” according to the court documents.
When a 69-year-old client decided to sell their house and buy a condo, O’Connell recommended taking out a 30-year variable interest rate mortgage on the new property and investing the house-sale proceeds with him.
“If they do not accelerate payments, Client 1 will be a few months shy of 100 years old at the time the mortgage is paid,” Galvin’s office writes in court documents. “O’Connell’s recommendation… constitutes unethical and deceptive practices under Massachusetts law given the client’s age and investment profile.”
Schwab Charged for Failure to Stop Lapsed Advisor From Collecting Fees
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Galvin takes swipe at Charles Schwab over unregistered adviser
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A guide to Robinhood s IPO 2021 | IPO Date and How to Trade Robinhood Stock
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WASHINGTON, July 1 (Reuters) - Robinhood Markets Inc, the online brokerage at the center of this year s retail trading frenzy, disclosed on Thursday previously unreported regulatory risks in its long-awaited initial public offering filing.
Amid an increasingly hostile climate in Democrat-led Washington, Robinhood s growing regulatory attention could be a turn off for some potential investors.
Aside from fines, Robinhood noted that government probes could result in business restrictions, increased compliance controls, changes to products and services and brand damage.
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The company, which boasts 18 million customers, had drawn regulatory penalties for system outages and misleading disclosures even before it sparked outcry by curbing trading in some shares at the height of January s meme stock saga. L4N2K9478