Eccleston Law Blog

Heartland Bank & Trust Co. Agrees to $9 Million Settlement For Allegedly Aiding and Abetting a Ponzi Scheme

March 24th, 2023 at 2:11 PM
The Securities and Exchange Commission (SEC) has agreed to a $9 million settlementwith Heartland Bank & Trust Co. over the bank’s alleged role in aiding and abetting a $75million Ponzi scheme.
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Morgan Stanley Obtains TRO Against Pennsylvania LPL Advisor Over Inherited Accounts and Misrepresentations

March 23rd, 2023 at 1:13 PM
A federal judge has awarded Morgan Stanley a temporary restraining order (TRO)against a Pennsylvania-based advisor who recently departed for LPL Financial.
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Sanford Bernstein & Co. and Alliance Bernstein Face FINRA Arbitration Claim Over Options Advantage Strategy

March 22nd, 2023 at 2:08 PM
Sanford Bernstein & Co. and Alliance Bernstein (Bernstein) are facing what could be the first of several Financial Industry Regulatory Authority (FINRA) arbitration claims related to its Options Advantage Strategy.
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Silver Star Properties REIT Pursuing “Complete Separation” From Hartman

March 21st, 2023 at 2:17 PM
Silver Star Properties REIT, formerly known as Hartman Short Term Income PropertiesXX Inc., announced that the company is “currently in discussions” with Allen Hartman regarding a complete separation between Silver Star and Hartman vREIT XXI Inc.
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Silver Star Properties REIT Investigating Founder For Alleged Fiduciary Violations

March 20th, 2023 at 3:46 PM
Silver Star Properties REIT, a publicly registered non-traded real estate investment trust,recently announced that the executive committee of the board has removed founder andexecutive chairman of the company, Allen Hartman.
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Recent Study Shows FINRA Enforcement Actions Declined Last Year

March 17th, 2023 at 10:09 AM
The Financial Industry Regulatory Authority (FINRA) reported only $45 million in fineslast year in comparison to $103 million in 2021, according to an annual report on FINRAdisciplinary enforcement.
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Robinhood and Other Brokerages Restrict Customers From Cashing In Profitable Put Options On Silicon Valley Bank and Signature Bank

March 16th, 2023 at 4:12 PM
Robinhood is restricting customers from cashing in on their bets against Silicon Valley Bank and Signature Bank even as put options appear to be in the money, according to several Robinhood customers on Twitter.
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KBS REIT III Urges Shareholders to Reject Mini Tender Offer

March 15th, 2023 at 3:59 PM
The board of directors for KBS Real Estate Investment Trust III Inc., a publicly registered non-traded real estate investment trust, has urged shareholders in a letter to reject unsolicited mini-tender offers from CMG Income Fund II LLC, CMG Liquidity Fund LLC, Blue River Capital LLC, and CMG Partners LLC.
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Stifel Files Suit Against Indiana Advisory Firm Co-Led by Former Vice President’s Brother

March 14th, 2023 at 4:22 PM
Stifel, Nicolaus & Co. has filed suit against one of its largest teams that is co-led by a brother of former Vice President Mike Pence for allegedly staging a “coup” when the team departed in favor of launching their own financial advisory firm, according to the complaint. 
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Illinois and Georgia Become Newest States to Adopt Best Interest Annuity Rules

March 13th, 2023 at 4:40 PM
Illinois and Georgia have become the 32nd and 33rd states to adopt rules mandating a best interest standard for annuity sales and recommendations following a model created by the National Association of Insurance Commissioners (NAIC). 
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LATEST NEWS AND ARTICLES

March 24, 2023
Heartland Bank & Trust Co. Agrees to $9 Million Settlement For Allegedly Aiding and Abetting a Ponzi Scheme

The Securities and Exchange Commission (SEC) has agreed to a $9 million settlement
with Heartland Bank & Trust Co. over the bank’s alleged role in aiding and abetting a $75
million Ponzi scheme.

March 23, 2023
Morgan Stanley Obtains TRO Against Pennsylvania LPL Advisor Over Inherited Accounts and Misrepresentations

A federal judge has awarded Morgan Stanley a temporary restraining order (TRO)
against a Pennsylvania-based advisor who recently departed for LPL Financial.

March 22, 2023
Sanford Bernstein & Co. and Alliance Bernstein Face FINRA Arbitration Claim Over Options Advantage Strategy

Sanford Bernstein & Co. and Alliance Bernstein (Bernstein) are facing what could be the first of several Financial Industry Regulatory Authority (FINRA) arbitration claims related to its Options Advantage Strategy.