News & Events

We are pleased to share the conclusion of FP Transition's video roundtable series featuring Bates Managing Director David Birnbaum. 

A FINRA arbitration panel recently assessed over $1.5 million in costs, disgorgement and punitive damages against a privately held financial services and investment firm in relation to allegations of senior financial abuse and violations of state and federal securities laws (among other claims). The outcome of this case, together with a new North American Securities Administrators Association (NASAA) "Pulse Survey" of state securities regulators on the topic of senior financial fraud, and a newly announced National Association of Attorneys General senior financial fraud initiative are the latest chapters in the story of an industry working to address elder and vulnerable clients. Bates Group has been following both the federal and state efforts to help seniors and other vulnerable investors.

On August 28, 2017, the Office of Management and Budget approved the Department of Labor’s (DOL) 18-month Fiduciary Duty Rule (Rule) delay request, extending the Transition Period and applicability of certain requirements and exemptions of the Rule until July 1, 2019.

We are please to share this continuation of FP Transition's video roundtable series featuring Bates Managing Director David Birnbaum. The series will wrap up with Part 3 after Labor Day.

The SEC is not slowing down in its extensive use of sophisticated data analytics to drive enforcement efforts. Last week, the agency brought charges against seven individuals who participated in complex insider trading schemes that netted millions of dollars in illegal profits. The case has garnered significant attention because the defendants were caught by the SEC using data analytics despite the defendants’ use of sophisticated methods and new communications technologies to evade detection. Bates has played a leadership role in the public discussion of the enforcement implications and use of big data analysis by the regulatory agencies. In this post we review some recent enforcement developments and the increasing role of the SEC’s Market Abuse Unit (MAU)’s Analysis and Detection Center (ADC).

Expert Spotlight on Fraud & Forensics Expert Mary-Jo Kranacher, MBA, CPA/CFF, CFE. 

The road to implementation of the Department of Labor’s fiduciary duty rule continues to be bumpy. The latest turn may mark yet another delay of the Rule. Specifically, the requirements of the Rule that took effect on June 9, 2017 may be extended from its original, full compliance date of January 1, 2018 to July 1, 2019. Today we report on the DOL’s recent moves and offer recommendations for financial services firms to consider as they navigate the ongoing regulatory and compliance uncertainty. 

At the SEC, CFTC and FINRA, key personnel changes are finally taking place, and with them some repositioning around new agendas. Today we bring you an update on recent developments and appointments to watch.

Bates Group is pleased to announce the release of this first of three special Roundtable Talks featuring FP Transitions’ Marcus Hagood’s one-on-one interview with Bates Managing Director David Birnbaum to discuss the importance of compliance when it comes to acquisitions, as well as recent regulatory changes.

Bates Group is dedicated to giving back to the communities where we work and live by donating our time and talent. Here we highlight some of the contributions made by members of the Bates team.

This is the second installment in our ongoing look at FINRA’s efforts to address high risk brokers, also referred to by FINRA as “bad actors.”  Our first installment discussed  the set of proposals recently approved by FINRA’s Board of Governors to identify high risk brokers and enhance tools for disciplinary actions, examinations and ongoing surveillance. In a speech before the Georgetown Center for Financial Markets and Policy, Robert Cook, President and CEO of FINRA, set forth FINRA’s comprehensive approach to the self-regulatory agency’s existing and developing programs and practices to protect investors and markets from bad actors.

Bates Fraud & Forensic Investigations Practice now offers Fraud Awareness Training and Workshops

Bates Group is proud to introduce our Advanced Analytics Consultants Matthew Armstrong, Aleksey Cherevatenko, Justin Kerr and Alex Russell.

Reactions to the issuance of a final rule by the Consumer Financial Protection Bureau (“CFPB”) prohibiting the use of mandatory arbitration clauses to block consumers of certain financial products and services from filing class action lawsuits have been swift and partisan.

There are many diverse players and moving parts in the evolving anti-money laundering (AML) regulatory landscape. Since we last checked, there have been congressional hearings on the domestic compliance obligations mandated by the Bank Secrecy Act; the introduction of two bipartisan legislative initiatives; and the passing of a final deadline for member states to implement EU AML regulations into their national laws. The activity reflects the ongoing political dynamic of how best to address the scourge of money laundering and terrorist financing.

Bates President & CEO Jennifer Stout and Chief Operating Officer Benjamin Pappas visited the floor of NYSE to watch the opening bell.