Eccleston Law Blog

Jury Finds Cutter Financial Group Liable for Disclosure Failures in Annuity Sales

June 4th, 2025 at 3:50 PM
A federal jury in Massachusetts has found investment advisor Jeffrey Cutter and his firm, Cutter Financial Group, liable for failing to disclose significant commissions and conflicts of interest tied to an annuity replacement strategy sold to clients.
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Former Merrill Edge Advisor Barred by FINRA Amid Misappropriation Allegations

June 3rd, 2025 at 11:01 AM
FINRA has barred Mario L. Martinez, a market leader with Merrill Edge in Fort Lauderdale, Florida, after he declined to cooperate with a regulatory investigation. According to AdvisorHub, the probe began following a tip that Martinezaccepted a loan from a client, among other alleged misconduct.
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Revenue Sharing in Wealth Management Continues Despite Criticism

June 2nd, 2025 at 1:28 PM
Revenue sharing remains one of the wealth management industry’s most controversial and opaque practices.
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Former LPL Advisor Sanctioned by FINRA Over Undisclosed Real Estate Venture

May 30th, 2025 at 1:43 PM
FINRA has fined a former LPL Financial advisor and suspended him for three months after allegations surfaced that he operated a real estate development business without his firm’s approval.
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FINRA Sanctions Former Broker for Undisclosed Private Equity and Securities Activities

May 29th, 2025 at 9:51 AM
FINRA has sanctioned former registered representative Thomas A. Rapp for engaging in undisclosed outside business and private securities transactions while associated with M Holdings. The enforcement action stems from a Letter of Acceptance, Waiver and Consent (AWC) Rapp submitted under FINRA Rule 9216, resolving the matter without admitting or denying FINRA’s findings.
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SEC Charges Three Texas Residents in $91 Million Ponzi Scheme

May 28th, 2025 at 12:14 PM
The Securities and Exchange Commission (“SEC”) has filed charges against Kenneth W. Alexander II, Robert D. Welsh, and Caedrynn E. Conner, all Dallas-Fort Worth residents, for orchestrating a Ponzi scheme that raised at least $91 million from over 200 investors.
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FINRA Opens Examination Into B. Riley's Wealth Management Operations Amid Ongoing Regulatory Pressure

May 27th, 2025 at 1:39 PM
B. Riley Financial Inc. continues to draw regulatory attention, with the firm recently disclosing that FINRA has launched a cause examination into its wealth management division. According to AdvisorHub, the firm revealed the inquiry in a filing with the U.S. Securities and Exchange Commission.
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Federal Judge Rejects Vanguard’s $40 Million Class Settlement, Citing Better Outcome Under SEC Deal

May 23rd, 2025 at 3:00 PM
A federal judge has rejected a proposed $40 million class-action settlement with Vanguard, finding that the deal offered little to no real value to harmed investors compared to a separate settlement the firm reached with the Securities and Exchange Commission ("SEC"), according to Barron’s.
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Morgan Stanley Terminates Veteran Financial Advisor Over Real Estate Deal

May 22nd, 2025 at 4:14 PM
Morgan Stanley has terminated advisor Erich A. Canseco, a 17-year industry veteran whose Houston-based team managed $1 billion in assets and earned recognition on Forbes’ 2024 Best-In-State rankings.
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Wave of ERISA Class Actions Challenges 401(k) Plan Practices

May 21st, 2025 at 4:11 PM
A surge in class action lawsuits under the Employee Retirement Income Security Act (ERISA) is forcing employers to reevaluate how they manage workplace retirement plans.
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LATEST NEWS AND ARTICLES

June 19, 2025
SEC Charges Former Real Estate CEO in $46 Million Investment Fraud Scheme

The Securities and Exchange Commission (“SEC”) has charged Kenneth Mattson, former CEO of LeFever Mattson, with orchestrating a $46 million investment fraud scheme that targeted approximately 200 investors, many of them retired senior citizens
from his church community in California.

June 18, 2025
Audit Firms Agree to $46 Million Settlement in GPB Capital Fraud Case

In a significant development in the GPB Capital fraud litigation, several audit firms have agreed to pay a combined $46 million to settle claims tied to their alleged involvement in the $1.8 billion scheme that impacted roughly 15,000 investors, as reported by DI Wire.

June 17, 2025
FINRA Sanctions Former Advisor for Unsuitable Variable Annuity Exchanges

The Financial Industry Regulatory Authority (FINRA) has fined and suspended former broker Thomas Vigil for making unsuitable variable annuity recommendations that resulted in customers paying higher fees.