Eccleston Law Blog

SEC Bars Financial Advisor for Securities Trading Scheme

May 10th, 2024 at 1:33 PM
The Securities and Exchange Commission (SEC) has barred financial advisor Andrew Komarow from the securities industry, following a similar bar by FINRA.
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Colorado Cracks Down on Imposter Investment Firms

May 9th, 2024 at 1:10 PM
Colorado Securities Commissioner Tung Chan recently took action against two fraudulent investment firms, Joyce Dunbar Management, and Fluxia Capital Management, accusing them of deceptive practices.
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J.P. Morgan Securities Ordered to Pay Damages Over Defamation Claims

May 8th, 2024 at 11:55 AM
J.P. Morgan Securities has been directed to pay $250,000 in damages to a New York financial advisor following allegations of defamation in a regulatory filing upon his departure from the firm in 2022.
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UBS Advisors Ordered to Pay Nearly $334,000 in Dispute with AllianceBernstein

May 7th, 2024 at 1:47 PM
An arbitration award revealed that two UBS advisors in Philadelphia, Elijah Dornstreich and Ryan DePaul, are required to pay approximately $334,000 in damages, legal fees, and costs to their former firm, AllianceBernstein, due to a dispute over customer solicitation.
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SEC Cracks Down on Misuse of Artificial Intelligence

May 6th, 2024 at 2:53 PM
The U.S. Securities and Exchange Commission (SEC) has taken action against two money managers, Delphia (USA) Inc. and Global Predictions Inc., for allegedly making false and misleading statements regarding their utilization of artificial intelligence (AI) technology.
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Court Grants Former Advisor Temporary Protection in Legal Battle Against Hightower Holdings

May 3rd, 2024 at 11:24 AM
In a legal battle between a former advisor and Hightower Holdings, a Washington state court has issued a temporary restraining order (TRO) against the Chicago-based firm.
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FINRA Bars Former E-Trade Broker for Refusal to Cooperate in Investigation

May 2nd, 2024 at 10:33 AM
Matthew J. Chimento, a former broker at E-Trade Securities in Alpharetta, Georgia, has been barred by FINRA for failing to provide information and documents related to allegations of unauthorized fund transfers from a client's account.
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FINRA Arbitration Awards Wells Fargo Over $3 Million in Dispute with Ohio RIA Founders

May 1st, 2024 at 10:29 AM
A recent FINRA arbitration decision has ordered a Cincinnati-based registered investment advisor firm and two of its founders to pay Wells Fargo more than $3 million in combined damages.
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Commonwealth Financial Network Ordered to Pay $93.3 Million Over Conflicts of Interest

April 30th, 2024 at 1:35 PM
Commonwealth Financial Network has been directed to pay $93.3 million due to its failure to disclose conflicts of interest linked to a revenue-sharing program with aFidelity Investments unit.
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FINRA Regulatory Report Highlights Key Challenges

April 29th, 2024 at 1:41 PM
FINRA's recently released 2024 regulatory oversight report sheds light on evolving trends and challenges in the financial industry.
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LATEST NEWS AND ARTICLES

September 16, 2025
Former Morgan Stanley Advisors Win Partial Court Victory in Client Solicitation Dispute

Two former Morgan Stanley advisors in Hackensack, New Jersey have defeated Morgan Stanley’s initial effort to block them from soliciting clients, according to an August 15 order from New Jersey Superior Court.

September 15, 2025
California Young-Gun Investor Charged in Alleged $6 Million Ponzi Scheme

Federal prosecutors have accused Mihir Deepak Sukthankar, a California resident once celebrated as a teenage trading “prodigy,” of orchestrating a multi-million-dollar Ponzi scheme.

September 12, 2025
LPL Broker Fined and Suspended for Recommending Risky Investments to Elderly Client

An LPL Financial broker in Elizabethtown, Kentucky, has agreed to sanctions after FINRA found he violated Regulation Best Interest (Reg BI) when recommending unsuitable investments to an elderly customer.