Merrill Lynch has announced that it will expand fiduciary services for 401(k) clients by allowing more financial advisors to manage retirement plan menus on a discretionary basis
Eccleston Law Blog
Federal Jury Finds Texas Businessmen Guilty in Connection With a $22 Million Investment Fraud Scheme
Posted on April 10th, 2019 at 4:10 PM
A Texas federal jury has found Thomas Bryant III of Frisco, Texas and Arthur Franz Wammel of Houston, Texas guilty of conspiracy charges in connection with an investment scheme they orchestrated which cheated participants out of more than $22 million.
Although Potentially Lucrative, Oil ETFs Carry Extreme Risk
Posted on April 9th, 2019 at 4:00 PM
So far this year, leveraged oil funds have been among the top-performing exchange-traded funds (ETFs) of 2019. Some examples of the most lucrative ETFs include the Velocity-Shares 3X Long Crude Oil exchange-traded note, which is up 89% this year and the United States 3X Oil Fund, which is up 88%.
SEC Bars New Jersey Investment Adviser Running Ponzi Scheme to Fund Gambling Habit
Posted on April 8th, 2019 at 5:12 PM
The SEC has obtained a final judgment against investment adviser Scott Newsholme of Farmingdale, New Jersey for allegedly defrauding elderly clients in a $3.8 million Ponzi-like scheme.
Recent Whistleblower Award Demonstrates CFTC’s Continued Commitment to Program
Posted on April 5th, 2019 at 3:25 PM
The U.S. Commodity Futures Trading Commission (CFTC) recently announced a whistleblower award of over $2 million to an individual for providing expert analysis in conjunction with a related action instituted by another federal regulator.
LPL Financial Reports Record New Assets, And Increased Prom Note Liability
Posted on April 4th, 2019 at 4:51 PM
In 2018, LPL Financial reported a record amount of assets that the firm recruited to its brokerage and advisory practices. The firm received $233.3 million of assets in 2018, a 46% increase from the year before.
Washington Investment Adviser Pleads Guilty To $3.1 Million Fraud Scheme
Posted on April 3rd, 2019 at 3:40 PM
Sweetwater Investments Inc. principal, Dennis Gibb has pled guilty in Washington federal court to stealing $3.1 million from his clients and covering his tracks with falsified account statements and tax documents.
SEC Awards Two JPMorgan Chase Whistleblowers $50 Million
Posted on April 2nd, 2019 at 5:19 PM
The SEC announced that it has awarded two whistleblowers a total of $50 million. The SEC received $267 million stemming from a settlement with JPMorgan Chase & Co.
Regional Firms Are Becoming More Attractive as Wirehouses Lose Competitive Edge
Posted on April 1st, 2019 at 11:56 AM
Recently, regional firms such as Raymond James, Stifel, Ameriprise, and Janney Montgomery Scott have become a favored destination for many successful wirehouse advisors who have transitioned away from the wirehouses.
Client Files $18 Million Lawsuit Against Securities America for Failing to Supervise Investment Adviser During Ponzi-Scheme
Posted on March 29th, 2019 at 12:59 PM
A client has filed a lawsuit against Securities America in the U.S. District Court for the Southern District of New York for failing to supervise investment adviser, Hector A. May, who recently pled guilty to orchestrating a Ponzi-scheme.