SEC’s Gallagher fears violations at advisers are going undetected

A top U.S. regulator said on Friday he is worried that investment advisers may be getting away with securities violations that are going undetected, and he called for action to improve how advisers are policed. In a speech in Colorado, Securities and Exchange Commission member Daniel Gallagher unveiled the results of a new SEC review that showed an “eye-popping” percentage of licensed brokers have checkered histories, even though they are routinely inspected by regulators. More on Reuters here.