Eccleston Law Blog

Pershing Fined $1.4 Million for Inaccurate Interest Rate Reporting

November 4th, 2024 at 11:57 AM
Pershing has been fined $1.4 million by FINRA for disseminating account documents with inaccurate interest rate information.
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Former Advisor Barred by FINRA for Failing to Respond to Investigation

November 1st, 2024 at 8:51 AM
FINRA has permanently barred financial advisor Michael Charles Grande from working with any registered investment or advisory firms after he failed to cooperate with an investigation into his mutual fund recommendations. 
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FINRA Fines Osaic Wealth and Securities America for Cybersecurity Failures

October 30th, 2024 at 11:01 AM
The Financial Industry Regulatory Authority (FINRA) has fined and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity lapses that exposed the private information of over 32,000 customers.
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Massachusetts Court Grants Temporary Relief in Age Discrimination Suit Against Hightower

October 29th, 2024 at 10:42 AM
A Massachusetts court has granted Glenn Frank, a 69-year-old advisor suing Hightower for age discrimination, a preliminary victory by temporarily blocking Hightower from enforcing its non-solicitation covenants against him.
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Wells Fargo Ordered to Pay $1.44 Million to Former Florida Advisor

October 28th, 2024 at 2:26 PM
A FINRA arbitration panel has ordered Wells Fargo to pay $1.44 million in compensatory damages to Harry Pappas Jr., a former advisor based in Florida.
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SEC Fines Thrivent Investment Management for Red BI Violations

October 25th, 2024 at 1:27 PM
The Securities and Exchange Commission (SEC) has imposed a $25,000 fine on Thrivent Investment Management for violating Regulation Best Interest (Reg BI) in its investment recommendations to retail brokerage clients.
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FINRA Suspends Former LPL Advisor for Unapproved Business Activities

October 24th, 2024 at 11:40 AM
FINRA has suspended a former LPL Financial advisor for one month and fined her $5,000 for engaging in unapproved outside business activities related to property management services, according to a settlement agreement known as an AWC (Acceptance, Waiver, and Consent).
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Former Merrill Lynch Advisor Sanctioned for Unauthorized Crypto Work and Misleading Letters

October 23rd, 2024 at 10:57 AM
A former Merrill Lynch advisor, John Rollin Revelle, has been suspended for 10 months and fined $7,500 by the Financial Industry Regulatory Authority (FINRA) for engaging in unauthorized activities, including working for a cryptocurrency exchange and issuing misleading asset verification letters.
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NASAA Highlights Common Violations by State-Registered Investment Advisors

October 22nd, 2024 at 1:43 PM
State securities regulators took significant enforcement actions in 2023, with many cases stemming from breaches of fiduciary duty and failures to register, according to the North American Securities Administrators Association (NASAA).
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SEC Fines 11 Firms for Recordkeeping Failures in Off-Channel Communications

October 21st, 2024 at 11:44 AM
The Securities and Exchange Commission (SEC) continues its strict enforcement of recordkeeping requirements, fining 11 firms a combined $88.2 million for failing to preserve electronic communications.
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LATEST NEWS AND ARTICLES

May 1, 2025
FINRA Fines Sanctuary Wealth $150,000 for AML Program Deficiencies

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.

April 30, 2025
Cambridge Investment Research Advisors to Pay $15 Million Fine Over Undisclosed Conflicts in Investment Recommendations

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.

April 29, 2025
Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

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.