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Eccleston Law Blog

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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Galvin Questions Advisory Firms About Interest Rates and Sweep Accounts

March 23rd, 2022 at 9:49 AM
Massachusetts Commonwealth Secretary William Galvin is pressing six large advisory firms on whether they are failing to escalate interest rates for clients with funds in sweep accounts after the Federal Reserve’s recent rate increase.    
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FINRA Board Approves New Remote-Inspection Rules

March 22nd, 2022 at 11:20 AM
The Financial Industry Regulatory Authority (FINRA) has approved new regulatory rules that could permit financial advisory firms to continue conducting remote inspections in the future.    
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Robinhood Settles With Vermont Regulators Over Outages

March 21st, 2022 at 1:22 PM
Robinhood Markets Inc. has agreed to a $640,000 settlement with Vermont regulators over recent outages on Robinhood’s trading platform as well as inadequate supervision of accounts.     
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