- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-02-19T16:00:00
A subsidiary of the Teachers Insurance and Annuity Association of America (TIAA) agreed to pay more than $2.2 million as part of a settlement with the Securities and Exchange Commission (SEC) for not acting in the best interest of its retail customers regarding their retirement accounts.
TIAA-CREF Individual & Institutional Services (TC Services) violated Regulation Best Interest’s (Reg BI) disclosure, care, and compliance obligations, the SEC announced in a press release Friday.
The firm agreed to pay a $1.25 million penalty, disgorgement of nearly $937,000, and about $103,000 in prejudgment interest.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
First Horizon Advisors will pay a $325,000 fine to settle allegations from the Securities and Exchange Commission that it violated Regulation Best Interest in part due to issues with incorporating a merged firms’ accounts into its systems.
Registered broker-dealer Laidlaw and Company agreed to pay more than $800,000 as part of a settlement with the Securities and Exchange Commission addressing multiple alleged violations of Regulation Best Interest.
Citigroup Global Markets and Citi International Financial Services agreed to pay a total of nearly $2 million as part of a settlement with the Securities and Exchange Commission resolving allegations they violated the disclosure obligations of Regulation Best Interest.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
