WASHINGTON -- A key House subcommittee yesterday approved stringent new legislation to increase federal regulation of financial advisers.

The move comes in response to the alleged defrauding of municipalities nationwide by investment adviser Steven Wymer. Mr. Wymer, head of Institutional Treasury Management of Irvine, Calif., was indicted this winter in a Los Angeles federal court on criminal fraud charges in connection with the loss of $100 million he invested for 60 municipalities nationwide.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.