Eccleston Law Blog

Stifel Ordered to Pay $133 Million in FINRA Arbitration

April 15th, 2025 at 1:38 PM
Stifel Financial’s retail broker-dealer must pay nearly $133 million in damages following a FINRA arbitration tied to Miami-based advisors' structured note strategy.
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Former UBS Advisors Sue Firm Over Unpaid Wages and Business Expense Deductions

April 14th, 2025 at 12:52 PM
Two former UBS financial advisors have filed a class action lawsuit accusing UBS of failing to reimburse necessary business expenses, unlawfully deducting costs from wages, and delaying payments to employees who quit or were terminated.
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FINRA Bars Advisor for Raising $11 Million in Unapproved Private Investments

April 11th, 2025 at 1:00 PM
The Financial Industry Regulatory Authority (FINRA) has barred a 21-year industry veteran for engaging in unapproved private securities transactions totaling $11 million.
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Vanguard Faces Class Action Lawsuit Over $100 Account Closure Fee

April 10th, 2025 at 12:30 PM
Vanguard is facing a federal class-action lawsuit over a $100 fee imposed on brokerage customers who close their accounts and transfer funds to another firm.
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Commonwealth Financial and Former Edward Jones Advisors Ordered to Pay $3.5 Million in Arbitration Award

April 9th, 2025 at 10:08 AM
An arbitration panel has ordered independent broker-dealer Commonwealth Financial and a group of advisors formerly with Edward D. Jones & Co. to pay $3.5 million following a legal dispute over their departure, according to an arbitration award.
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CFP Board Seeks Public Input on Changes to Certification Rules

April 8th, 2025 at 9:21 AM
The CFP Board is requesting public comment on proposed revisions to its procedural rules regarding certification eligibility for candidates with a single bankruptcy or multiple misdemeanor convictions related to alcohol or drug offenses.
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CFTC Unveils New Guidelines to Reward Cooperation and Self-Reporting in Enforcement Actions

April 7th, 2025 at 2:07 PM
The U.S. Commodity Futures Trading Commission (CFTC) has issued a new advisory that formalizes how it will evaluate cooperation and self-reporting when determining penalties in enforcement matters. According to InvestmentNews, acting Chairman Caroline Pham announced the move as part of a broader shift in the agency’s enforcement posture, aimed at incentivizing faster case resolution and more reasonable penalties.
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LPL Financial Experiences Trading System Outage Amid Market Volatility

April 4th, 2025 at 11:49 AM
LPL Financial, the largest independent broker-dealer in the U.S., experienced widespread system outages on April 3rd, preventing advisors from executing trades for hours.
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FINRA Seeks Public Input on Rule Modernization

April 3rd, 2025 at 2:26 PM
The Financial Industry Regulatory Authority (FINRA) is conducting a comprehensive review of its rules and is soliciting feedback from industry participants. According to ThinkAdvisor, the review aims to modernize regulations, particularly concerning remote work and branch office requirements.
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Bybit Suffers Massive $1.5 Billion Crypto Hack Amid Security Concerns

April 2nd, 2025 at 3:04 PM
Bybit, a major cryptocurrency exchange, has fallen victim to a devastating security breach, resulting in the theft of approximately $1.5 billion in Ethereum.
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I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

April 29, 2025
Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

Merrill Lynch has terminated Daniel G. Diaz, a 37-year industry veteran, for refusing to apply commission discounts to certain client accounts as instructed by management, according to his Central Registration Depository (CRD) record.

April 28, 2025
Former Morgan Stanley Advisor Barred After Fraudulent Check Allegations

Roger A. Gallagher has accepted an industry bar from FINRA rather than cooperate with a regulatory investigation. According to a FINRA Acceptance, Waiver, and Consent letter (“AWC”).

April 25, 2025
Rosedale Advisory Firm Fined for Role in NCAA Player Referral Bribery Scheme

The Securities and Exchange Commission (SEC) has finalized a cease-and-desist proceeding against Rosedale, a former SEC-registered investment adviser, for violations of the Investment Advisers Act of 1940.