Eccleston Law Blog

Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

February 23rd, 2024 at 1:23 PM
John A. Dougherty, a veteran advisor with 23 years of experience, agreed to an AWC (Acceptance, Waiver, and Consent) after refusing to cooperate with a regulatory investigation into allegations of undisclosed outside business activities.
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Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

February 22nd, 2024 at 1:42 PM
While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.
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SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

February 21st, 2024 at 2:59 PM
As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.
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Challenges Persist: Firms Struggle to Comply with Regulation Best Interest

February 20th, 2024 at 1:26 PM
FINRA's annual report for 2024 reveals a concerning trend among broker-dealers, with numerous instances of violations of Regulation Best Interest (Reg BI).
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FINRA Flags Violations in 70% of Broker-Dealers' Crypto Communications

February 19th, 2024 at 1:54 PM
During a two-year-old targeted examination, the Financial Industry Regulatory Authority (FINRA) has identified potential violations in 70 percent of broker-dealers' communications about cryptocurrencies.
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Major Investors Opt Out of Class Actions, Pursue Larger Recoveries

February 16th, 2024 at 1:59 PM
Large shareholders increasingly are choosing to opt out of class-action settlements, a trend that has gained momentum since a pivotal US Supreme Court ruling altered the landscape.
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New Jersey Advisor Faces Charges for Alleged $89 Million Investor Fraud Scheme

February 15th, 2024 at 2:42 PM
Raymond John Pirrello Jr., a barred New Jersey advisor, has been indicted on three counts, including securities fraud conspiracy and wire fraud conspiracy, for allegedly defrauding investors of nearly $89 million.
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FINRA Adopts New Rules for Remote Inspections and Home Offices

February 14th, 2024 at 11:50 AM
The Financial Industry Regulatory Authority (FINRA) has implemented new rules to enhance its remote inspections pilot program and address home offices as "residential supervisory locations."
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Robinhood Settles Regulatory Action and Agrees to Overhaul Gamification Practices

February 13th, 2024 at 1:44 PM
After a prolonged legal battle with the Massachusetts Securities Division, Robinhood has agreed to pay $7.5 million and revamp its digital engagement practices, according to Secretary of the Commonwealth William Galvin.
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FINRA Sanctions Former Edward Jones Financial Advisor for Unauthorized Trades

February 12th, 2024 at 10:57 AM
A former Edward Jones financial advisor in San Francisco, Jilena Yuen-Han Mok, has been fined and suspended by the Financial Industry Regulatory Authority (FINRA) for engaging in unauthorized trading.
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LATEST NEWS AND ARTICLES

February 23, 2024
Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

John A. Dougherty, a veteran advisor with 23 years of experience, agreed to an AWC (Acceptance, Waiver, and Consent) after refusing to cooperate with a regulatory investigation into allegations of undisclosed outside business activities.

February 22, 2024
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

February 21, 2024
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.