Independent broker-dealer Royal Alliance Associates ("Royal Alliance") has agreed to pay $400,000 for failing to catch two former brokers who stole more than $3.8 million from customers.
Eccleston Law Blog
Royal Alliance Agrees to Pay $400,000 for Failing to Catch Brokers Who Stole Millions
Posted on January 22nd, 2020 at 2:23 PM
Prudential Pays $1 Million for Wrong Information on Fees in Retirement Plans
Posted on January 21st, 2020 at 3:01 PM
The Financial Industry Regulatory Authority (“FINRA”) has fined Prudential $1 million for retirement plan investment-related violations.
SEC Accuses Investment Company And Its Founders Of $6 Million Investment Scam
Posted on January 14th, 2020 at 1:44 PM
Two men and their unregistered investment company lied in their sales pitches and invested funds of seniors in a $6 million scam.
FINRA Panel Denies Former Advisor Opportunity to Defend Himself
Posted on January 13th, 2020 at 2:29 PM
A Financial Industry Regulatory Authority Inc. ("FINRA") arbitration panel recently concluded an arbitration case involving a former Raymond James advisor with a promissory note balance. The case is unique because the arbitrators denied the rep an opportunity to present testimony, witnesses or evidence, as a sanction for failing to file his answer in a timely manner.
Illinois Jury Convicts Father and Son In $1.3 Million Investment Scheme
Posted on January 9th, 2020 at 2:51 PM
An Illinois federal jury recently convicted a father on 24 criminal counts and his son on 13 criminal counts. The defendants allegedly convinced family members and two church congregations to invest in what was a $1.3 million Ponzi scheme involving apartments in distress.
FINRA Survey Concludes Investor Knowledge is Low
Posted on January 8th, 2020 at 9:59 AM
A recent survey conducted by the FINRA Investor Education Foundation found that investor knowledge is “low.”
Merrill Lynch Pays $40 Million to Settle Broker Churning
Posted on January 7th, 2020 at 1:23 PM
Churning allegations involving a former Bank of America’s Merrill Lynch (“Merrill Lynch”) broker have cost the wirehouse $40 million, and it still faces another costly complaint from another customer related to the same broker.
Broker Barred by FINRA for Failure to Appear at OTR
Posted on December 30th, 2019 at 4:48 PM
James D’Meo, formerly a registered representative with Kenneth Jerome & Co., agreed to accept a bar from the securities industry after refusing to appear for a follow-up on-the-record interview (“OTR”) with FINRA. On November 21, 2019, D’Meo signed a Letter of Acceptance, Waiver and Consent (“AWC”) agreeing to a bar without admitting or denying FINRA’s findings.
Broker Suspended after Allowing Unauthorized Transactions by Wife in Husband’s Account
Posted on December 27th, 2019 at 5:11 PM
Eugene Nathan Gordon, a former Morgan Stanley broker, agreed to a 90-day suspension by FINRA for allowing a wife to make withdrawals from her husband’s retirement account without written authorization from the husband.
SEC Indicts Recidivist Investment Adviser and Firm for Defrauding Retirees
Posted on December 26th, 2019 at 4:02 PM
On December 19th, the Securities and Exchange Commission filed a complaint against investment adviser firm Springer Financial Advisors (“SFA”) and its owner Keith Springer (“Springer”) for allegedly defrauding hundreds of individual investors at or nearing retirement.