Mass. Regulator Charges Scottrade Over Sales Contests
Law360 (February 15, 2018, 8:35 PM EST) -- The Massachusetts securities regulator on Thursday accused Scottrade Inc. of holding sales contests it knew flouted an internal impartial conduct standard it adopted to comply with the U.S. Department of Labor’s so-called fiduciary rule for retirement account advisers.
In an administrative complaint, the Enforcement Section of the Massachusetts Securities Division, which is a unit of the office of Secretary of the Commonwealth William F. Galvin, charged that Scottrade’s alleged conduct violated state laws concerning unethical conduct and agent supervision.
The DOL’s fiduciary rule, which was promulgated in 2016 and intends in part to stem unethical sales practices, expanded who qualifies as a fiduciary...
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