The SEC has filed charges against Louisiana-based RIA, World Tree Financial, and its husband and wife owners, Wesley Kyle Perkins and Priscilla Gilmore Perkins, for conducting a cherry-picking scheme over the course of a four-year period.
Eccleston Law Blog
SEC Charges Louisiana RIA for Defrauding Clients through a Cherry-Picking Scheme
Posted on October 1st, 2018 at 4:10 PM
Former NBA Superstar Kevin Garnett Files Lawsuit Against Accountant for Helping Financial Advisor Steal $77 Million
Posted on September 27th, 2018 at 4:18 PM
Former NBA champion, Kevin Garnett is suing his former accountant, Michael Wertheim and his firm, Welenken CPAs, claiming that he helped financial advisor, Charles A. Banks IV steal $77 million from him.
Edward Jones Files Temporary Restraining Order Against a Terminated Financial Advisor
Posted on September 26th, 2018 at 3:38 PM
Edward Jones has filed a temporary restraining order against a recently terminated financial advisor from San Carlos, California for allegedly taking trade secrets and client information with him after he left the firm in violation of firm policy.
Morgan’s protocol exit was ‘bait-and-switch,’ $660M team says in lawsuit
Posted on September 25th, 2018 at 3:13 PM
An ex-Morgan Stanley team is taking a unique approach to rebutting a lawsuit by their former employer: They’re going after the wirehouse’s decision to leave the Broker Protocol.
President Trump Signs Executive Order Directing Government Agencies to Make it Easier for Small Employers to Offer Open Multiple Employer Plans
Posted on September 24th, 2018 at 4:49 PM
President Trump has signed an executive order directing government agencies to make it easier for small employers to offer open Multiple Employer Plans (“MEPs”).
Morgan Stanley Files Lawsuit Against a Team of Financial Advisers
Posted on September 21st, 2018 at 4:26 PM
Morgan Stanley has filed a lawsuit in Illinois federal court against six financial advisers who previously managed $660 million for the firm and left this month to join Stifel Nicolaus & Co.
SEC Orders Transamerica Entities to Pay $97 Million to Retail Investors
Posted on September 21st, 2018 at 11:52 AM
The SEC has announced that Transamerica entities, including investment advisers Aegon USA Investment Management, Transamerica Asset Management, Inc., Transamerica Financial Advisors, Inc., and affiliated broker-dealer Transamerica Capital Inc., have been ordered to refund $97 million to its retail investors.
Strategies for Advisors to Help Calm Client Nerves When Recommending Equity Investments
Posted on September 20th, 2018 at 2:32 PM
It is inevitable that advisors have certain clients who have a high percentage of their portfolio in cash because they are reluctant to purchase equity investments. This caution likely stems from the market meltdown during the 2008 financial crisis. Even though these fears are understandable, clients typically cannot hold onto cash their entire lives unless they are extremely wealthy.
UBS to Keep the Core Parts of its Compensation Plan Unchanged in 2019
Posted on September 18th, 2018 at 4:16 PM
UBS Wealth Management has announced that its 6,900 advisors will be able to keep their payout grid and other key components of their compensation plan in 2019. Moreover, according to UBS, the firm is only intending to make minor changes to its 2019 compensation plan.
SEC and FINRA Censure and Sanction Independent Broker-Dealer Cadaret Grant Over Supervisory Failures
Posted on September 14th, 2018 at 5:23 PM
In separate enforcement actions, the SEC and FINRA have censured and fined the Syracuse, New York-based firm, Cadaret Grant & Company, Inc., for its failure to properly supervise the sale of complex products.