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Eccleston Law Blog

SEC Bars Advisor Over 1 Global Capital Sales

April 6th, 2022 at 2:20 PM
The Securities and Exchange Commission (SEC) has barred an advisor as well as his firm, which sold $37 million of an investment fraud, 1 Global Capital, between May 2017 and June 2018.    
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Former Citibank Advisor Agrees To Non-Solicit Ban After Departing Morgan Stanley

April 5th, 2022 at 2:06 PM
A former New York-based Citigroup advisor has agreed to a client solicitation ban after recently departing Citigroup to join Morgan Stanley.      
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Judge Splits Late UBS Manager’s Assets Between His Mother and Domestic Partner

April 4th, 2022 at 1:39 PM
A U.S. District Court Judge has ordered the mother and domestic partner of a former UBS Wealth Management complex manager, who died in January 2019 at age 48, to split nearly $649,000 in assets.    
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FINRA Settles With Geneos Over Improper GPB Sales and “Risky” Alternative Mutual Fund

April 1st, 2022 at 2:17 PM
As part of a settlement, the Financial Industry Regulatory Authority (FINRA) has imposed a $150,000 fine on Geneos Wealth Management pertaining to improper sales of GPB private placements and for failing to supervise its advisors’ recommendations of LJM Preservation & Growth Fund, an alternative mutual fund.    
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FINRA Bars Alpine Securities Over Allegations Over Misappropriation and Excessive Fees

March 31st, 2022 at 1:30 PM
The Financial Industry Regulatory Authority (FINRA) has barred a Salt Lake City-based advisory firm, Alpine Securities, from the industry and has ordered the firm to pay nearly $2.3 million in restitution.    
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UBS Seeks TRO Against Wells Fargo Team Who Sent Video Message to Clients

March 30th, 2022 at 2:23 PM
UBS Wealth Management is seeking a temporary restraining order (TRO) against two former advisors who recently joined Wells Fargo and allegedly sent a video message to solicit their former clients.    
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FINRA Settles With Two Advisory Firms Over Improper Sales Of GPB Private Placements

March 29th, 2022 at 12:00 PM
The Financial Industry Regulatory Authority (FINRA) has agreed to settlements with two advisory firms over improper sales of GPB Capital Holdings private placements to investors.    
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FINRA’s Top Five Fine Categories for 2021

March 28th, 2022 at 3:28 PM
The Financial Industry Regulatory Authority (FINRA) issued $91 million in fines in 2021, which constitutes a 60% increase from $57 million in 2020, according to ThinkAdvisor. The 2021 fine total is the highest since 2016 when FINRA imposed $174 million in fines. However, much of FINRA’s 2021 total constitutes Robinhood’s payment of $57 million in fines and $12.6 million in restitution relating to supervisory failures and investor harm.  
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FINRA Bars Former UBS Advisor For Failing To Cooperate In Investigation

March 28th, 2022 at 8:45 AM
The Financial Industry Regulatory Authority (FINRA) has barred a former Minnesota-based UBS advisor after he failed to cooperate with FINRA’s probe into allegations that he recommended that a client invest in “risky” outside businesses, according to the settlement letter.    
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FINRA Announces New Rule To Expedite Arbitration Cases For Those Who Are Ill Or Over 75

March 24th, 2022 at 1:13 PM
The Financial Industry Regulatory Authority (FINRA) intends to amend its rules to permit expedited arbitration cases for parties who are 75 or older or are seriously ill.    
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