Eccleston Law Blog

Regulatory Spotlight on AI in Financial Advising: Risks, Opportunities, and Compliance Needs

February 18th, 2025 at 10:21 AM
Artificial intelligence (AI) tools, including large language models (LLMs), present both promising opportunities and notable risks for financial advisors. According to Financial Planning, as the popularity of AI grows in the financial advisory sector, regulators like FINRA and the SEC are examining potential issues closely.
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Jefferies Financial Group Dismisses Miami Advisory Team Amid Alleged Misconduct

February 14th, 2025 at 4:26 PM
Jefferies Financial Group recently terminated a team of Miami-based wealth advisors following allegations of improper money transfers and the use of unauthorized communication methods to conceal the activity.
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FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

February 13th, 2025 at 2:01 PM
A FINRA arbitration panel recently rejected J.P. Morgan Securities’ bid to recover $39.7 million in damages from Edward Turley, a former financial advisor whose allegedmisconduct led the firm to incur significant settlement costs.
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Edward Jones Advisor Barred by FINRA Over Allegations of Unauthorized Account Changes

February 12th, 2025 at 11:16 AM
FINRA has barred Gwendolyn J. Hayes, a former Edward Jones advisor in Oregon after allegations surfaced that she altered client account information without authorization.
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UnitedHealth Group Agrees to $69 Million Settlement in ERISA Class Action Lawsuit

February 11th, 2025 at 2:07 PM
UnitedHealth Group has agreed to pay $69 million to resolve a class action lawsuit alleging violations of its fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA).
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Former Merrill Lynch Advisor Sanctioned by FINRA for Unauthorized Trades

February 10th, 2025 at 1:48 PM
FINRA has fined Anthony J. Seifert, a former Merrill Lynch advisor based in Mount Pleasant, South Carolina, $5,000 and suspended him for 20 days.
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Court Finds American Airlines Breached Fiduciary Duty in 401(k) ESG Case

February 7th, 2025 at 10:02 AM
A federal court ruling against American Airlines has brought attention to the role of environmental, social, and governance (ESG) factors in managing retirement plans.
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SEC Charges LPL Financial with Anti-Money Laundering Failures

February 7th, 2025 at 9:21 AM
The Securities and Exchange Commission (SEC) has charged LPL Financial LLC, a broker-dealer and investment adviser, with multiple violations of anti-money laundering (AML) regulations.
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Vanguard Settles SEC Charges Over Target Date Fund Disclosures for $106 Million

February 6th, 2025 at 4:10 PM
Vanguard has agreed to pay $106.41 million to settle charges by the Securities and Exchange Commission (SEC) over alleged disclosure failures related to its target date retirement funds (TDFs).
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SEC Forms Cryptocurrency Task Force to Develop Clear Regulatory Framework

February 5th, 2025 at 12:02 PM
According to ThinkAdvisor, the U.S. Securities and Exchange Commission (SEC) has announced the creation of a cryptocurrency-focused task force to establish a "comprehensive and clear" regulatory framework for digital assets.
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LATEST NEWS AND ARTICLES

July 11, 2025
FINRA Advances Proposal to Allow Limited Use of Performance Projections

The Financial Industry Regulatory Authority (“FINRA”) is moving forward with a proposal that would give broker-dealers limited ability to market performance projections and targeted returns under specific conditions.

July 10, 2025
SEC Permanently Bars Brite Advisors USA Over Custody Rule Violations and Undisclosed Conflicts

The SEC has permanently barred Brite Advisors USA from operating as an investment adviser, citing serious custody rule violations and undisclosed conflicts of interest tied to its offshore affiliate, as reported by Financial Advisor News.

July 9, 2025
UBS Confirms Data Breach After Cyberattack on External Vendor

UBS Group AG has confirmed that a cyberattack on one of its third-party suppliers resulted in stolen company information, though no client data was compromised.