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Eccleston Law Blog

FINRA and SEC Officials Reveal Common Pitfalls in Reg BI Exam Sweeps

May 31st, 2022 at 8:50 AM
Regulators have announced their intention to increase the frequency of examinations as they continue to discover spotty compliance even after Regulation Best Interest (“Reg. BI”) became effective two years ago.    
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Large GPB Fund Posts Revenue and Income Growth

May 26th, 2022 at 10:42 AM
After considerable delay, GPB Capital Holdings finally has released financial statements to its investors regarding one of its largest funds.    
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Allianz Pleads Guilty to Fraud and Agrees to Pay $5.8 Billion

May 25th, 2022 at 10:41 AM
A unit of Allianz SE has agreed to plead guilty to securities fraud and pay $5.8 billion in fines and restitution following the collapse of a relatively low-risk pool of investment funds amidst pandemic volatility.    
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Edward Jones Files Motion to Dismiss $15 Million Book of Business Lawsuit

May 24th, 2022 at 12:13 PM
A former Edward Jones advisor has filed suit against Edward Jones over a $15 million book of business.    
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FINRA Suspends Former Morgan Stanley Advisor Who Solicited Venture Capital Investment

May 23rd, 2022 at 3:09 PM
The Financial Industry Regulatory Authority (FINRA) has suspended a former Morgan Stanley advisor for allegedly misleading investors regarding a private placement sold by the firm.        
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SEC Bars Michigan Advisor Who Misappropriated $314,000 From Elderly Client

May 23rd, 2022 at 8:33 AM
The Securities and Exchange Commission has barred an advisor who allegedly misappropriated nearly $305,000 from an elderly client and additionally overcharged the client at least $9,000 in advisory fees.    
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UBS Advisor Joins U.S. Capital After Contentious Compliance Review

May 19th, 2022 at 1:48 PM
A UBS Wealth Management advisor who generated $3 million in annual revenue has joined U.S. Capital Wealth Advisors, which is a regional Texas-based firm run by a former UBS manager.    
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Some Advisors Chose Inopportune Time To Boost Bet On GWG Bonds

May 18th, 2022 at 2:31 PM
Financial advisors who chose to double down on GWG are having second thoughts.    
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Focus Financial Board Member Sues J.P. Morgan Over $7 Million In Pandemic Losses

May 17th, 2022 at 1:57 PM
A California dermatologist, who also is a Focus Financial Partners board member, has filed a $7 million arbitration claim against J.P. Morgan over pandemic-related losses in a managed account.    
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UBS Alleges Former Texas Advisor Stole $17 Million From Clients

May 17th, 2022 at 8:46 AM
UBS Wealth Management alleges that one of its former Texas-based advisors stole nearly $17 million from clients as part of a scheme that ran almost 25 years.    
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