Eccleston Law Blog

Former Western Asset Management Co-CIO Charged with Fraud for Cherry-picking Trades

December 17th, 2024 at 10:58 AM
The SEC recently charged Ken Leech, former Co-CIO of Western Asset Management, with fraud. 
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Wells Fargo Advisors Tightens Rules on FiNet Advisors' Outside Investments

December 16th, 2024 at 11:22 AM
Wells Fargo Advisors has introduced a new policy requiring advisors in its Financial Network (FiNet) channel to seek company approval before accepting certain outside investments. 
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Merrill Lynch Advisor Penalized for CFP Exam Misconduct

December 13th, 2024 at 9:15 AM
Jeffrey Dattilo, a former Merrill Lynch advisor, has agreed to regulatory penalties for allegedly providing improper assistance to others taking the Certified Financial Planner (CFP) exam.
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Paychex Securities Advisor Penalized for Undisclosed Referral Agreement with RIA

December 13th, 2024 at 8:59 AM
A former advisor has agreed to a $7,500 fine and a six-month suspension following allegations of failing to disclose a referral agreement with an outside registered investment advisory (RIA) firm.
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Brokerage Firms Shift Away from Centralized Portfolio Management as Advisor Autonomy Grows

December 11th, 2024 at 11:03 AM
After years of promoting centralized portfolio management, brokerage firms are increasingly supporting advisors who prefer more control over investment decisions, according to AdvisorHub. 
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Former Wells Fargo Advisor Pleads Guilty to $3 Million Fraud Scheme

December 10th, 2024 at 11:18 AM
A former Wells Fargo advisor, Kenneth A. Welsh, has pleaded guilty to charges of wire fraud and investment advisor fraud after stealing over $3 million from his clients, according to WealthManagement.
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Court Dismisses Whistleblower Lawsuit Against Fidelity Investments

December 9th, 2024 at 11:14 AM
A federal court has dismissed a whistleblower lawsuit filed by a former financial advisor against Fidelity Investments. According to ThinkAdvisor, the case involves allegations that the company fired him for reporting unethical practices.
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Former Tesla and Lyft Executive Launches ETF Firm

December 6th, 2024 at 1:22 PM
Jon McNeill, a former executive at Tesla and Lyft and co-founder of venture firm DVx Ventures, has partnered with ETF pioneer Adam Patti to launch VistaShares, an asset management firm specializing in ETFs centered on artificial intelligence and electrification.
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SEC Charges Boca Raton Advisor with $2.1 Million Fraud Scheme

December 5th, 2024 at 3:58 PM
The U.S. Securities and Exchange Commission (SEC) has charged David Kushner, a Boca Raton, Florida resident, and his company, La Mancha Funding Corp., with defrauding nearly two dozen investors out of approximately $2.1 million.
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Wells Fargo Advisors Ordered to Pay $500,000 for Misuse of Former Advisor's Name

December 4th, 2024 at 3:55 PM
Wells Fargo Advisors must pay nearly $500,000 in damages to Nicholas Takahashi, for allegedly using his name on their website long after he left for a competitor.
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LATEST NEWS AND ARTICLES

April 30, 2025
Cambridge Investment Research Advisors to Pay $15 Million Fine Over Undisclosed Conflicts in Investment Recommendations

Cambridge Investment Research Advisors (CIRA) has agreed to pay $15 million to settle allegations brought by the Securities and Exchange Commission (SEC), which accused the firm of failing to disclose multiple conflicts of interest in its investment recommendations.

April 29, 2025
Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

Merrill Lynch has terminated Daniel G. Diaz, a 37-year industry veteran, for refusing to apply commission discounts to certain client accounts as instructed by management, according to his Central Registration Depository (CRD) record.

April 28, 2025
Former Morgan Stanley Advisor Barred After Fraudulent Check Allegations

Roger A. Gallagher has accepted an industry bar from FINRA rather than cooperate with a regulatory investigation. According to a FINRA Acceptance, Waiver, and Consent letter (“AWC”).