Prudential subsidiary Pruco Securities will pay approx$18.3 million to settle an SEC investigation concerning alleged breaches of its fiduciary duty related to the firm’s mutual fund share class selection and wrap fee programs. The SEC says that Pruco, a registered investment adviser and broker-dealer, recommended clients buy and hold mutual fund share classes paying 12b-1 […]

  The SEC says that between 2015 and 2018, the brokerage company Robinhood made misleading  omissions about routing customer orders, known as “payments for order flow,” which constituted its largest source of income. The SEC says that because the firm received “unusually high payment for order flow rates,” customers’ orders were executed at worse prices […]

The Securities and Exchange Commission awarded more than $300,000 to a whistleblower with auditing responsibilities who helped lead to the successful enforcement of SEC and related actions. The whistleblower learned of  securities law violations in connection with their audit responsibilities. Individuals with audit or compliance responsibilities are usually not eligible for such SEC awards, but […]

General Electric will $200 million penalty to settle federal claims that it misled investors by failing to disclose problems in its gas-turbine power and insurance businesses. GE recognized some costs and profits,  misrepresenting how its power segment was making money. It also failed to inform investors of the risk in its legacy insurance portfolio. That […]