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Eccleston Law Blog

FINRA Bars Massachusetts Advisor For Failing to Cooperate With Regulator’s Investigation

April 29th, 2022 at 1:34 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former advisor, Philip Riposo, for failing to cooperate with the regulator’s investigation.     
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Arbitrators Clear Former Merrill Advisor Of Former Partner’s Misconduct

April 28th, 2022 at 1:23 PM
A former Kentucky-based Merrill advisor will have his record cleared of an investor complaint pertaining to the conduct of his former partner who was convicted of theft, according to a Financial Industry Regulatory Authority (FINRA) arbitration award.    
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SEC Accuses Former Morgan Stanley Advisor of Conducting a Ponzi Scheme

April 27th, 2022 at 1:05 PM
The Securities and Exchange Commission (SEC) has accused a former Morgan Stanley advisor of using client funds to cover personal expenses including a Tesla vehicle, credit card bills and cash transfers.    
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Former UBS Advisor Pleads Guilty to Spending Client Funds on Girlfriends’ Gifts

April 26th, 2022 at 11:49 AM
A former UBS advisor has pleaded guilty to misappropriating $5.8 million in client funds primarily to cover gifts for girlfriends, according to the Securities and Exchange Commission (SEC).    
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SEC Obtains TRO and Asset Freeze Against Alleged Perpetrators of $450 Million Ponzi Scheme

April 25th, 2022 at 12:21 PM
The Securities and Exchange Commission (SEC) has charged and obtained an asset freeze against numerous Las Vegas-based individuals and entities for allegedly operating a $450 million Ponzi scheme involving purported personal injury settlements.    
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Unregistered Advisors Perpetrate Scheme While Concealing Disciplinary Histories

April 22nd, 2022 at 1:48 PM
The Securities and Exchange Commission (SEC) has filed suit against two unregistered advisors for hiding their disciplinary records from investors while engaging in a scheme that generated at least $9 million.    
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GWG Holdings Announces Chapter 11 Bankruptcy

April 21st, 2022 at 12:10 PM
GWG Holdings has filed for Chapter 11 bankruptcy. Its woes have included failing to submit its 2021 yearly report to the SEC in April because the firm has yet to employ a new auditor.    
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FINRA Bars Former Edward Jones Advisor Who Refused to Repay $893K

April 20th, 2022 at 2:58 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former Edward Jones advisor who failed to cooperate with a probe into allegations that he refused to return $893,289 to one of his clients.    
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FINRA Suspends Former Morgan Stanley Advisor Who Circumvented Sales Limits

April 19th, 2022 at 1:36 PM
The Financial Industry Regulatory Authority (FINRA) has imposed a $15,000 fine and 20-month suspension on a former Morgan Stanley advisor who allegedly falsified client information in order to circumvent sales restrictions on volatile fixed income investments.      
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GPB Capital Announces Sale of Land in New Jersey

April 19th, 2022 at 8:31 AM
GPB Capital Holdings announced that it has sold land in New Jersey that was previously owned by one of its private placement funds.    
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