Eccleston Law Blog

State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

September 22nd, 2023 at 10:55 AM
The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.
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SEC Charges Private Equity Firm Over Fee Disclosure Failures to Affiliate

September 21st, 2023 at 11:03 AM
The Securities and Exchange Commission (SEC) has charged Prime Group Holdings LLC, a private equity firm specializing in alternative real estate asset investments, withinadequate disclosure of millions of dollars in real estate brokerage fees paid to a brokerage firm owned by its CEO.
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SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

September 20th, 2023 at 8:49 AM
Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).
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Reg BI Violations Lead to FINRA's Fine on Another Broker-Dealer

September 19th, 2023 at 10:26 AM
The Financial Industry Regulatory Authority (FINRA) has fined and censured broker-dealer Network 1 Financial Securities and its chief compliance officer for violating Regulation Best Interest (Reg BI).
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Troubles at an Arizona Park Funded by Municipal Bonds Are a Warning to Investors

September 18th, 2023 at 2:20 PM
The recent financial troubles at a sports arena in Mesa, Arizona, demonstrate that not all municipal bonds are equally safe.
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Goldman Sachs and JPMorgan Join $500 Million Lawsuit Settlement

September 15th, 2023 at 1:35 PM
Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase & Co., and UBS AG have agreed to settle an antitrust class action by pension funds over their control of the market for stock loans for hedging and short selling, according to Bloomberg Law.
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SEC's Examination of RIAs Focuses on Leadership Changes

September 14th, 2023 at 10:09 AM
The Securities and Exchange Commission’s Division of Examinations issued a risk alert announcing its new focus.
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SEC Introduces Stricter Fee Disclosure Rules for Hedge Funds and Private Equity Firms

September 13th, 2023 at 1:16 PM
The US Securities and Exchange Commission (SEC) has adopted new rules that will compel hedge funds and private equity firms to provide more transparent information about their fees and impose restrictions on granting special privileges to investors.
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Massachusetts Supreme Court Affirms Fiduciary Duty Rule for Brokers

September 12th, 2023 at 11:36 AM
The Massachusetts Supreme Judicial Court ruled that William Galvin, the state's top securities regulator, acted within his authority in September 2020 when he established the state's investment advice rule, which imposed a fiduciary duty rule on financial advisors.
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Unregistered Broker Faces SEC Charges for Illegally Selling Securities

September 11th, 2023 at 11:31 AM
The Securities and Exchange Commission (SEC) has charged Blake Cathey with unlawfully selling securities of Florida-based Accanito Equity LLC, Accanito Equity II LLC, Accanito Equity III LLC, and Accanito Equity IV LLC to retail investors.
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LATEST NEWS AND ARTICLES

September 22, 2023
State Regulators Maintain Opposition to FINRA's Remote Supervision Pilot Program

The North American Securities Administrators Association (NASAA) and the Public Investor Advocate Bar Association (PIABA) has consistently opposed the Financial Industry Regulatory Authority's (FINRA) proposal for a voluntary three-year pilot program for remote inspections.

September 21, 2023
SEC Charges Private Equity Firm Over Fee Disclosure Failures to Affiliate

The Securities and Exchange Commission (SEC) has charged Prime Group Holdings LLC, a private equity firm specializing in alternative real estate asset investments, with
inadequate disclosure of millions of dollars in real estate brokerage fees paid to a brokerage firm owned by its CEO.

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).