A former Premium Point Investments trader received 40 months in prison for what federal prosecutors called a scheme to overinflate the fallen hedge fund's assets by $100 million by soliciting fake price quotes from a corrupt broker.
Eccleston Law Blog
Former Philadelphia Eagles' Linebacker Found Guilty for Fraud Once Again
Posted on November 18th, 2019 at 2:01 PM
A federal judge has found former Philadelphia Eagles' linebacker guilty for a second time of defrauding his former coaches and other investors.
SEC Enforcement Actions on the Rise in 2019
Posted on November 15th, 2019 at 5:10 PM
The U.S. Securities and Exchange Commission ("SEC") continued to focus on enforcement and misconduct that puts investors at risk in fiscal year 2019.
UBS Pays $1.5 Million Gender Discrimination Award to Ex-Broker
Posted on November 14th, 2019 at 11:46 AM
A former star broker at UBS Group AG won a more than $1.5 million arbitration award after she alleged gender discrimination against her former employer and its Boston-based branch manager.
FINRA's Survey Confirms B-Ds Worry About the Aging of Registered Representatives
Posted on November 13th, 2019 at 4:26 PM
Not only there are concerns about senior investors, there are also concerns about senior advisors. About 65% of broker-dealers ("B-Ds") are "worried about the aging [of] registered representative population at their firms," according to the cell phone poll taken at the Senior Investor Protection Conference by the Financial Industry Regulatory Authority Inc. ("FINRA").
FINRA Ordered Raymond James to Pay $3.2 Million to Customers Harmed by Oil and Gas Investments
Posted on November 7th, 2019 at 5:22 PM
Financial Industry Regulatory Authority Inc. (“FINRA”) has ordered Raymond James and Associates Inc. (“Raymond James”) to pay $3.2 million to more than two dozen customers over unauthorized trading in oil and gas ventures.
Former NFL Player Convicted in Retrial For $10 Million Fraud Scheme
Posted on November 5th, 2019 at 2:46 PM
A federal jury convicted a former Philadelphia Eagles linebacker and Minnesota Vikings alumni Merrill Robertson Jr. in a retrial for his role in a $10 million fraud scheme.
FINRA Finds Lack of Oversight by Some Firms In Sale of Investment Products and Exchanges
Posted on November 1st, 2019 at 1:43 PM
The Financial Industry Regulatory Authority Inc. ("FINRA") said that some brokerages are not doing enough to prevent sales of investment products that are inappropriate for their customers.
Recent Schwab Settlement Highlights Need For Diligent Transition Planning
Posted on October 28th, 2019 at 4:46 PM
Charles Schwab and former advisor Peter Pavlakis have reached a settlement in which the advisor has agreed to refrain from soliciting clients he developed over the course of 19 years with Schwab. The non-solicitation agreement is to last until August 2021. Under the settlement agreement, the advisor also is required to return any records he may have obtained.
SEC Whistle-Blower Vote Postponed
Posted on October 23rd, 2019 at 5:12 PM
A vote by the Securities and Exchange Commission (“SEC”) to amend whistleblower rules, scheduled for Wednesday, October 23rd, was postponed as the proposed changes have come under increased scrutiny by many whistleblower attorneys and advocates.