Ken Joseph, Managing Director in the Disputes and Investigations practice, was quoted in a Thomson Reuters Regulatory Intelligence article on a firm charged with violations of the U.S. Department of Labor’s fiduciary rule for allegedly giving prohibited cash rewards to brokers who hit quotas for opening retirement accounts.
For the first time a state has taken a significant enforcement action of a rule that the Securities and Exchange Commission has decided not to enforce.
“Firms should ‘use this as a lesson learned and review policies internally,’ said Ken Joseph, former head of Investment Adviser/Investment Company Examination at the SEC, who this year became managing director in Duff & Phelps’ Disputes and Investigations Practice. 'If I were in legal and compliance either inside or outside a firm I would take a very close look at the State complaint.’”
Regulatory Intelligence subscribers can read more on the Thomson Reuters website.
