Financial Industry Regulatory Authority Inc. (“FINRA”) has ordered Raymond James and Associates Inc. (“Raymond James”) to pay $3.2 million to more than two dozen customers over unauthorized trading in oil and gas ventures.
Eccleston Law Blog
Page 1 of 128
FINRA Ordered Raymond James to Pay $3.2 Million to Customers Harmed by Oil and Gas Investments
Posted on November 7th, 2019 at 5:22 PM
Former NFL Player Convicted in Retrial For $10 Million Fraud Scheme
Posted on November 5th, 2019 at 2:46 PM
A federal jury convicted a former Philadelphia Eagles linebacker and Minnesota Vikings alumni Merrill Robertson Jr. in a retrial for his role in a $10 million fraud scheme.
FINRA Finds Lack of Oversight by Some Firms In Sale of Investment Products and Exchanges
Posted on November 1st, 2019 at 1:43 PM
The Financial Industry Regulatory Authority Inc. ("FINRA") said that some brokerages are not doing enough to prevent sales of investment products that are inappropriate for their customers.
Recent Schwab Settlement Highlights Need For Diligent Transition Planning
Posted on October 28th, 2019 at 4:46 PM
Charles Schwab and former advisor Peter Pavlakis have reached a settlement in which the advisor has agreed to refrain from soliciting clients he developed over the course of 19 years with Schwab. The non-solicitation agreement is to last until August 2021. Under the settlement agreement, the advisor also is required to return any records he may have obtained.
SEC Whistle-Blower Vote Postponed
Posted on October 23rd, 2019 at 5:12 PM
A vote by the Securities and Exchange Commission (“SEC”) to amend whistleblower rules, scheduled for Wednesday, October 23rd, was postponed as the proposed changes have come under increased scrutiny by many whistleblower attorneys and advocates.
Maximum Prison Sentence Given to Perpetrator of $1.3B Ponzi Scheme
Posted on October 17th, 2019 at 5:23 PM
Robert H. Shapiro, former CEO of Woodbridge Group, will serve 25 years in prison for perpetrating a $1.3 billion Ponzi scheme, causing the loss of roughly $470 million for over 8,000 investors.
FINRA’s Ten Largest BD Arbitration Awards in 2019
Posted on October 16th, 2019 at 2:29 PM
As the year comes to an end, ThinkAdvisor has released the Financial Industry Regulatory Authority’s (FINRA’s) 10 largest broker-dealer (BD) arbitration awards in 2019. They are, in order from highest to lowest:
Baird Advisors Win Expungement of Complaint Alleging Unsuitability Claims
Posted on October 11th, 2019 at 2:10 PM
Robert W. Baird ("Baird") advisors recently were successful in expunging a complaint from a former client. The allegations include unsuitably of 529 accounts, variable annuities in individual retirement accounts ("IRAs"), and risky proprietary funds.
SEC Adopts New Rule on Exchange-Traded Funds
Posted on October 10th, 2019 at 2:27 PM
The Securities and Exchange Commission (“SEC”) recently announced that it voted to adopt a new rule and form amendments designed to “modernize” the regulation of exchange-traded funds (“ETFs”). The SEC also specified that it will issue an exemptive order that further harmonizes related relief for broker-dealers.
State Regulators Demand Further Action Where FINRA Can Not
Posted on October 9th, 2019 at 4:09 PM
Financial Industry Regulatory Authority Inc. (“FINRA”) recently revealed that it would not be investigating 30 former JPMorgan advisors accused of engaging in “suspicious activity.” The allegations include stealing client and company funds, altering and forging documents, among others.
Page 1 of 128