Eccleston Law Blog

FINRA Fines Sanctuary Wealth $150,000 for AML Program Deficiencies

May 1st, 2025 at 12:49 PM
FINRA has fined and censured independent broker-dealer Sanctuary Wealth Management $150,000 for failing to establish an adequate anti-money laundering (AML) program to detect and report suspicious transactions.
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Cambridge Investment Research Advisors to Pay $15 Million Fine Over Undisclosed Conflicts in Investment Recommendations

April 30th, 2025 at 11:37 AM
Cambridge Investment Research Advisors (CIRA) has agreed to pay $15 million to settle allegations brought by the Securities and Exchange Commission (SEC), which accused the firm of failing to disclose multiple conflicts of interest in its investment recommendations.
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Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

April 29th, 2025 at 11:36 AM
Merrill Lynch has terminated Daniel G. Diaz, a 37-year industry veteran, for refusing to apply commission discounts to certain client accounts as instructed by management, according to his Central Registration Depository (CRD) record.
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Former Morgan Stanley Advisor Barred After Fraudulent Check Allegations

April 28th, 2025 at 4:00 PM
Roger A. Gallagher has accepted an industry bar from FINRA rather than cooperate with a regulatory investigation. According to a FINRA Acceptance, Waiver, and Consent letter (“AWC”).
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Rosedale Advisory Firm Fined for Role in NCAA Player Referral Bribery Scheme

April 25th, 2025 at 2:18 PM
The Securities and Exchange Commission (SEC) has finalized a cease-and-desist proceeding against Rosedale, a former SEC-registered investment adviser, for violations of the Investment Advisers Act of 1940.
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SEC Accuses Upright Financial and Founder of Breaching Prior Settlement and Misleading Investors

April 24th, 2025 at 2:14 PM
According to InvestmentNews, the Securities and Exchange Commission (“SEC”) has charged registered investment advisor Upright Financial Corp. and its founder, David Yow Shang Chiueh, for violating a prior settlement agreement and continuing a pattern of misconduct that allegedly defrauded investors and breached fiduciary duties.
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Ex-Merrill Lynch Advisor to Appeal Ruling Dismissing ERISA Class Action

April 23rd, 2025 at 11:52 AM
A former Merrill Lynch advisor plans to challenge a federal judge’s ruling that dismissed his proposed class action against the firm when it forfeited his deferred compensation.
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FINRA Proposes Accelerated Arbitration for Ill Parties and Elderly

April 22nd, 2025 at 12:07 PM
The Financial Industry Regulatory Authority (“FINRA”) has submitted a proposed rule change to the SEC aimed at speeding up arbitration proceedings for parties who are elderly or suffering from serious health conditions.
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Former Morgan Stanley Advisor Sentenced to 12 Years in Prison for Multimillion-Dollar Fraud

April 21st, 2025 at 11:14 AM
Jesus Rodriguez de la Cruz, a former Morgan Stanley advisor, has been sentenced to 12 years in federal prison for orchestrating a complex fraud scheme that misappropriated millions from clients and the firm itself, AdvisorHub reports.
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Robinhood Markets Faces Scrutiny in Massachusetts Investigation

April 18th, 2025 at 2:03 PM
Massachusetts Secretary of State Bill Galvin has issued a subpoena to Robinhood Markets Inc., seeking information on the firm’s prediction-markets business and its potential links to gambling.
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LATEST NEWS AND ARTICLES

October 10, 2025
Former Two Sigma Quant Researcher Faces Fraud Charges Over Manipulated Models

Federal prosecutors and the Securities and Exchange Commission (SEC) have filed parallel actions against Jian Wu, a former quantitative researcher at Two Sigma Investments, alleging he secretly manipulated algorithmic trading models to boost his own compensation by millions of dollars.

October 9, 2025
Former Merrill Lynch Advisors Fight Allegations of Corporate Raid

A dozen former Merrill Lynch advisors who launched their own firm, OpenArc Corporate Advisory, in Atlanta are pushing back against accusations that they orchestrated a “pre-meditated corporate raid.”

October 8, 2025
Northern Trust Sues Former Advisor for Alleged Fraud and Breach of Fiduciary Duty

According to ThinkAdvisor, Northern Trust Company has filed suit against former wealth management relationship advisor Christopher Walters, alleging that he engaged in “blatant fraud” and breached his fiduciary duty to both the firm and a longtime client.