FAI: An investment advisor featured in 'The Big Short' has lost his SEC appeal

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FA Insights is a regular newsletter from Business Insider that delivers the top news and commentary for financial advisors.

Financial advisors think the Department of Labor is making a mistake in allowing exemptions that let insurance agents continue to sell fixed-index annuities, reports Financial Advisor. 

Also, Wing Chau, an investment advisor featured in Michael Lewis' "Big Short," lost an appeal to close a fraud case against him filed by the SEC.

Meanwhile, investors are fleeing from the bond market. Jeffrey Gundlach’s flagship DoubleLine Total Return Bond Fund witnessed outflows of $1.4 billion in November, according to Financial Advisor.

David Kostin, the chief US equity strategist at Goldman Sachs, thinks there is good news coming in 2017, but investors shouldn't be complacent. Bill Gross, the Janus bond guru and legendary investor, thinks that America has two imprisonment problems. 

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Lastly, Doug Haynes, president of New York's Point72 Capital Management, didn't have his sights set on a career in the hedge fund business.

But that's where he ended up after a call from legendary money manager Steven Cohen in late-2013.

And here's a roundup of stories from across Wall Street:

Business Insider is currently hosting its annual IGNITION event in New York.

You can watch the event live here, with Business Insider CEO Henry Blodget interviewing AT&T CEO Randall Stephenson right now. Here are a couple headlines from the event so far:

• TIME WARNER CEO: The 'real threat' to the First Amendment came from Democrats, not Trump
• AOL's Tim Armstrong is 'cautiously optimistic' the Yahoo deal will still go through
• You can check back to see all of our coverage from the event here

President-elect Donald Trump continues to dominate the headlines. Here are the top stories from the past 24 hours:

• "Cancel order!": Trump says Boeing's contract for new Air Force One plane is too expensive
• The CEO of United Technologies just let slip an unintended consequence of the Trump-Carrier jobs deal
• JAMIE DIMON: "I want to do my share to help America get better"
• A hot investing startup wrote an open letter to Donald Trump, and is setting the stage for a battle on Wall Street
• Trump's new Treasury secretary could kick the can down the road
• Trump's corporate tax holiday could spur pharma M&A
• A China economist told us how China could hurt the US in a trade war

In other news, Wall Street banks are having a great time in trading.

Chipotle is getting slammed after saying it's nervous about hitting its guidance for the year, and an activist investor sent a brutal letter to turn Buffalo Wild Wings franchisees against management.

Lastly, Business Insider is hiring a paid editorial intern for its finance team.