Eccleston Law Blog

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FINRA Bars Former Merrill Lynch Advisor

January 26th, 2021 at 3:30 PM

Former Merrill Lynch advisor Charles Kenahan has agreed to a bar from association with any FINRA member firm in any capacity.

Wells Fargo Shuts Down International Wealth Management Business

January 25th, 2021 at 4:02 PM

Wells Fargo no longer allows customers who do not meet residency requirements to open a brokerage, Wells Fargo Private Bank, or Abbot Downing account.

Morgan Stanley Terminates Another Advisor for Alleged Misconduct Related to Inherited Accounts

January 22nd, 2021 at 8:47 AM

In the fall of 2020, Morgan Stanley terminated 10 advisors following an internal review of the firm’s Former Advisor Program (“FAP”).

Advisor Team that Left Morgan Stanley Files Counterclaim Seeking to Prohibit Firm from Soliciting Clients

January 21st, 2021 at 3:33 PM

Last week in the Eccleston Law blog we discussed a lawsuit filed by Morgan Stanley against a team of Advisors led by Wade Martin.

Insurance Agent Continues to Sell Despite Lengthy Disciplinary History

January 20th, 2021 at 4:23 PM

Ronald D. Morley has a long history of securities misconduct. He was barred from selling securities in 2006 by Maryland state regulators.

SEC Files Charges Against Jacob Glick

January 19th, 2021 at 4:08 PM

The U.S. Securities and Exchange Commission (“SEC”) announced that it had filed charges against former Advanced Practice Advisor, LLC (“APA”) advisor Jacob C. Glick of Scottsdale, Arizona

Revenue-Sharing Found to Lead to Higher Expenses

January 18th, 2021 at 4:11 PM

401(k) plan record keepers can be compensated in a couple different ways.

SEC Files Suit Against Advanced Practice Advisors and CEO Paul Spitzer

January 15th, 2021 at 10:35 AM

The U.S. Securities and Exchange Commission (“SEC”) has filed a lawsuit against Advanced Practice Advisors, LLC (“APA”), a former SEC-registered investment adviser, and the firm’s CEO, Paul C. Spitzer.

Morgan Stanley Files Lawsuit Against $6 Million Team

January 14th, 2021 at 3:57 PM

A $6 million advisor team led by Wade Martin left Morgan Stanley to join RBC Wealth Management-U.S. in October 2020.

FINRA Proposes Rule to Regulate “Restricted” Firms

January 13th, 2021 at 4:05 PM

One issue facing the Financial Industry Regulatory Authority (“FINRA”) is how to regulate “restricted firms,” firms that have high levels of risk-related disclosures, employ brokers with a history of misconduct, or fail to adhere to its obligations regarding supervision and compliance.

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