State securities regulators doubled the number of enforcement cases brought against investment advisers last year as a tougher regulatory environment led investigators to focus on inappropriate advice or practices that could lead to investor fraud. In the wake of the Bernard Madoff Ponzi scheme and the Dodd-Frank law’s mandate that the Securities and Exchange Commission examine advisers more often, states are implementing regular examination schedules, concentrating on the midsize firms that shifted from SEC oversight to state jurisdiction, according to a statement released yesterday by the North American Securities Administrators Association Inc. More in Investment News here.
