SIPA Trustee for Madoff Liquidation Seeks Supreme Court Review of Second Circuit Decision Regarding "Safe Harbor/ Stockbroker" Defense in Madoff Ponzi Scheme
Jacob Cooper, founder of San Diego-based RIA Total Wealth Management, built his business to over $100 million in assets and more than 600 clients. Last week, a court-appointed receiver in a case brought by the SEC determined that more than $44 million of those assets are likely lost.
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Cited for due-diligence failure and not mentioning millions in fees received.
Despite its regulatory failure in the Madoff case, FINRA may be rewarded with more oversight.
If Wall Street were really interested in having a total commitment to the long-term interests of its clients, it would embrace a fiduciary standard, but it does just the opposite.
It's all about low costs, a sensible strategy, and sound ethics.