The companies, products and regulatory developments shaping the broker industry.
The broker used a different fee sequence from the one disclosed, retained a second undisclosed interest residual and later sent stale yields—then booked customer payables as revenue.
The FCA redirected a larger sum to affected clients while documenting an oversight structure in which Vertus personnel approved payments and reconciled the records.
State orders show how a fixed minimum converted ordinary dollar charges into double-digit percentages on small stock trades. Edward Jones accounted for roughly 69% of the identified transactions and 59% of the calculated excess across five firms.
A Texas federal court found fraud and misappropriation of more than $3m in customer funds; the $13.02m headline combines a civil penalty and restitution, not money already repaid.
A Texas federal court ordered US$9.77m in civil penalties and US$3.26m in restitution against Walter Dunning Larrick III and Cambridge Financial Advisors LLC.
The CFTC says disgorgement is offset by restitution, while more than $98m had already been returned to over 28,000 investors by July 2026.