Sometimes, insurance policies are too good for insureds, and carriers take a bit of a “financial bath”. that is the case with Ohio National’s Guaranteed Minimum Income Benefit Rider (GMIB) Annuity Contract.
Eccleston Law Blog
Ohio National’s Shell Game in Canceling its Insurance Policy
Posted on November 27th, 2018 at 3:43 PM
Eccleston Law Continues Its Defense of Former Wells Fargo Investment Bankers Related to Dinner Expense Reimbursements
Posted on November 26th, 2018 at 4:00 PM
FINRA Enforcement continues to issue Rule 8210 inquiries to former investment bankers at Wells Fargo who allegedly violated the firm’s expense reimbursement policies with respect to reimbursement requests for dinner expenses.
Massachusetts Investment Adviser Pleads Guilty to Stealing More Than $3 Million From Clients
Posted on November 21st, 2018 at 3:47 PM
Cape Code investment adviser, Kimberly Pine Kitts has pled guilty in U.S. District Court to defrauding clients out of $3 million by using an aggressive scheme to carry out fraud, wire fraud and aggravated identity theft.
Wells Fargo Loses 152 Advisors Last Quarter
Posted on November 20th, 2018 at 2:37 PM
Wells Fargo Advisors has reported that 152 advisors have left the firm in the third quarter of this year. Those third-quarter losses bring the total number of departing advisors to more than 1,000 since September 2016.
Commonwealth Financial Network Files Lawsuit and FINRA Arbitration Claim Against Ohio National Life Insurance Company for Fraudulent Variable Annuity Scheme
Posted on November 19th, 2018 at 9:49 AM
In an unprecedented move, Ohio National Life Insurance Company (Ohio National) announced that starting mid-December the company will be terminating its selling agreements with brokerage firms and ceasing payments on all brokers’ trail commissions on variable annuity sales.
Whose clients are they? Edward Jones sues $150M Ameriprise advisors
Posted on November 14th, 2018 at 5:10 PM
Edward Jones is suing two advisors who moved to Ameriprise for allegedly violating non-solicitation agreements, making this the latest case of a brokerage firm taking its former employees to court over client contacts.
Pennsylvania Investment Advisor Pleads Guilty in $4.5 Million Fraud Scheme
Posted on November 13th, 2018 at 4:54 PM
Investment advisor Douglas P. Simanski has pleaded guilty in federal court to charges of securities fraud, wire fraud, and filing false income tax returns.
Elder Abuse Listed as One of FINRA’s Top Claim Types
Posted on November 12th, 2018 at 2:42 PM
As the baby boomer generation continues to age, FINRA has reported that it has seen a surge in the number of financial exploitation claims filed by senior citizens.
SEC Charges Ohio Broker with Defrauding Retail Customers Out of $1 Million
Posted on November 9th, 2018 at 1:54 PM
The SEC has filed a complaint in Ohio federal district court against former broker, John Greg Schmidt for defrauding his retail brokerage customers out of over $1 million in a long-running scheme.
Morgan Stanley Remodels Offices in an Effort to Roll Out Tech-Friendly Workspaces
Posted on November 8th, 2018 at 12:00 PM
Morgan Stanley has announced that approximately 1.2 million square feet (111,000 square meters) of office space will get an overhaul in the next 15 months as a result of changes in how its brokers, traders, and bankers interact with the technological side of the company.