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☆ Robinhood is running a 3% IRA match that can boost your retirement savings and reduce your tax payment
▼ + stars: | 2024-02-14 | by ( Business Insider | Sarah Silbert | ) www.businessinsider.com time to read: +7 min

Or with Robinhood Gold, you'll get 3% (rollovers and transfers get 3% until April 30). Earn a 3% match on Robinhood IRA contributionsIf you're a Robinhood Gold customer with a Robinhood IRA, you have an opportunity to make these things a little sweeter. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. Robinhood does not provide tax advice; please consult with a tax adviser before taking an action that may entail tax consequences. The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.

Persons: You'll, you'll, Robinhood, rollovers, Roth Organizations: Robinhood, IRA, Robinhood Securities, LLC, Inc

☆ US regulator fines Bank of America $24 mln for Treasuries spoofing
▼ + stars: | 2023-11-30 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

FINRA said a junior trader and his supervisor at BofA Securities conducted 717 spoof trades between October 2014 and February 2021. It also faulted the oversight system of the second-largest U.S. bank for being designed to detect only spoofing by trading algorithms, not manual spoofing. The junior trader, Tyler Forbes, was accused of placing 194 spoof trades before Bank of America fired him in 2019. Bank of America did not admit or deny wrongdoing in accepting FINRA's fine and a censure. In a separate spoofing case, former Bank of America traders Edward Bases and John Pacilio were in March each sentenced in Chicago to one year in prison for spoofing in precious metals.

Persons: FINRA, Tyler Forbes, Sidney Lebental, Edward Bases, John Pacilio, Forbes, Lebental, Jonathan Stempel, Richard Chang Organizations: Bank of America, U.S, Treasuries, Financial Industry, Authority, BofA Securities, Thomson Locations: Charlotte, North Carolina, Chicago, New York

☆ Goldman Sachs fires several executives in transaction banking -memo
▼ + stars: | 2023-09-13 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Sept 13 (Reuters) - Goldman Sachs (GS.N) fired several executives in its transaction banking unit after they violated the firm's communications policy, according to a memo seen by Reuters on Wednesday. Philip Berlinski, the bank's treasurer, will take over day-to-day management of transaction banking alongside Akila Raman and Luc Teboul. The fired executives also failed to cooperate with Goldman Sachs' compliance department. The bank remains strongly committed to the transaction banking business, it said. Goldman Sachs was among the first wave of big banks regulators hit with stiff penalties for such recordkeeping failures.

Persons: Goldman Sachs, Andrew Kelly, Philip Berlinski, Akila Raman, Luc Teboul, Berlinski, Hari Moorthy, Moorthy, Saeed Azhar, Chris Prentice, Leslie Adler, Lananh Nguyen, Josie Kao Organizations: REUTERS, Reuters, FINRA's, Wall Street, Thomson Locations: Manhattan , New York, U.S

☆ Penny stocks can be riskier than any other stock. Here's why they're so dangerous.
▼ + stars: | 2023-08-21 | by ( Andrea Miller | In Dreajmiller | ) www.cnbc.com time to read: +4 min

"I'm getting a lot of calls from investors who are duped and getting scammed by-penny stock operators," Jacob Zamansky, attorney with his firm Zamansky LLC, told CNBC. Penny stocksAlthough there is nothing inherently wrong with low-priced stocks, they are considered speculative, high-risk investments because they experience higher volatility and lower liquidity. "He really was a character as Leonardo DiCaprio portrays him in the movie," Zamansky told CNBC. And he said, If I can sell steaks, I can sell stocks." Before Zamansky started representing investors who were abused by Wall Street firms, he was an attorney for Stratton Oakmont.

Persons: I'm, Jacob Zamansky, Andres Vinelli, Greg Ruppert, Jordan Belfort, Stratton Oakmont, Leonardo DiCaprio, Zamansky, he's, Belfort Organizations: CNBC, Financial Industry, Authority, CFA Institute, Wall Street, Innocent, SEC, Securities and Exchange Commission Locations: That's, Belfort

☆ Goldman Sachs was fined $3 million after it mixed up millions of 'short' sale orders as 'long.' The culprit was one missing line of code.
▼ + stars: | 2023-04-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Finra fined Goldman Sachs $3 million for mixing up 60 million short sale orders. Goldman Sachs had mismarked "short" sales orders totaling more than 14 billion shares as "long" sales orders between October 2015 and April 2018, per the filing, which was signed by both, Finra and the investment banking giant. Of the 60 million incorrectly marked orders, Goldman Sachs executed nearly eight million, Finra said. Further, Goldman's mismarked orders led to 12,335 short orders being executed while a short-sale circuit breaker was in place, per the filing. Insider was unable to reach Goldman Sachs via phone lines outside regular business hours.

☆ Goldman Sachs fined $3 mln by FINRA over mismarking short sale orders
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

From October 2015 to April 2018, Goldman mismarked around 60 million short sale orders totaling more than 14 billion shares as "long" sales, with nearly eight million of those orders, totaling more than a billion shares, being executed, FINRA said. Because they were inaccurately marked as "long," 12,335 of the executed orders were executed at or below the best displayed price available while a short sale circuit breaker was in effect, FINRA said. Short sale circuit breakers prohibit the execution or display of a short sale in that security at a price that is less than or equal to the current national best bid. The mismarked orders also caused Goldman to submit inaccurate trade reports to FINRA and maintain inaccurate books and records, the regulator said. Goldman also failed to establish and maintain a supervisory system reasonably designed to achieve compliance with short sale regulations SHO and rules relating to accurate trade reporting, FINRA said.

☆ Investing isn't free. But here's why 20% of investors think it is
▼ + stars: | 2023-03-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Investment fees may be a worthy addition to that list in the modern era — though not all investors are aware of this near-universal fact. These firms — whether an investment fund or financial advisor, for example — generally levy investment fees of some kind. watch now"And that makes you much less sensitive to the fees you're paying — in amount and whether you're paying fees at all." Here's the good news for many investors: Even if you haven't been paying attention to fees, they've likely declined over time. This is largely due to investors' preferences for low-cost funds, particularly so-called index funds, Morningstar said.

☆ Op-ed: Be sure to ask these 5 questions before hiring a new financial advisor
▼ + stars: | 2023-03-16 | by ( Donald C. Cutler | Senior Principal At Haven Tower Group | ) www.cnbc.com time to read: +1 min

Several considerations go into selecting a financial advisory firm, especially if you are in your prime working years and have plenty of time left before you retire. More from Personal Finance:How to find the right financial advisor fit for youHere are some key things to consider before 'unretiring'Average 401(k) balance dropped 20% in 2022, Vanguard saysAnother factor is personal chemistry. Remember, your professional relationship with an advisor is much like that with a doctor — it could last decades. Yet one that doesn't come up as often: How equipped are the firm and its advisors to grow and evolve? Here are five questions to ask your current or would-be advisor to help determine whether they are running in place or capable of keeping up with your ever-changing needs.

NEW YORK, Dec 20 (Reuters) - Two Morgan Stanley (MS.N) equity syndicate bankers, Pawan Passi and Charles Leisure, are no longer listed as registered brokers at the Wall Street firm, according to industry regulator FINRA's website. His FINRA profile includes a disclosure about a pending customer dispute that alleges "misrepresentation with respect to block trading" in 2021. The broker registration for Leisure, an executive director, also ended Dec. 16, his FINRA profile showed. Arnaud Blanchard became the head of the equity syndicate desk in New York earlier this year, according to his LinkedIn profile. Morgan Stanley in February disclosed that U.S. regulators and prosecutors were probing various aspects of the investment bank's block trading business.

☆ 21% of investors don't think they pay investing-related fees. Here's why they're wrong — and how it costs them
▼ + stars: | 2022-12-19 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Damircudic | E+ | Getty ImagesMore than a fifth of investors don't think they pay any fees for their investment accounts, an industry survey has found. An additional 17% of investors in the recent poll said they didn't know how much they paid in fees. These firms — whether an investment fund or financial advisor, for example — generally levy investment fees of some kind. Here's the good news for many investors: Even if you haven't been paying attention to fees, they've likely declined over time. This is largely due to investors' preferences for low-cost funds, particularly so-called index funds, Morningstar said.

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