Eccleston Law Blog

Morgan Stanley Advisor Barred for Allegedly Embezzling $58,000 from Clients

March 12th, 2024 at 1:09 PM
Chingyuan "Gary" Chang, a former broker and investment adviser at Morgan Stanley, has been permanently barred from the securities industry by the Securities and Exchange Commission (SEC) for purportedly stealing over $58,000 from four customer accounts.
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Citigroup and Wells Fargo Advisor Charged with Defrauding Clients in Movie Investment Scam

March 11th, 2024 at 1:44 PM
Helen Grace Caldwell, a former Illinois financial advisor with Citigroup and Wells Fargo, is facing federal wire fraud charges for allegedly cheating three clients out of $1.5 million through a fraudulent movie investment scheme.
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SEC Chair Gensler Addresses AI Challenges and Conflict-of-Interest Proposals

March 8th, 2024 at 10:37 AM
SEC Chair Gary Gensler highlighted the dual nature of artificial intelligence (AI), acknowledging its vast opportunities for humanity while also underscoring its regulatory challenges, particularly concerning conflicts of interest in investing.
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FINRA Bars Former Edward Jones Advisor Amid Investigation into Alleged Cannabis Ponzi Scheme Involvement

March 7th, 2024 at 1:26 PM
A former Edward Jones advisor, Alexandra P. Bovee (also known as Alexandria Montgomery), has accepted an industry bar rather than cooperate with the FinancialIndustry Regulatory Authority's (FINRA) investigation into her alleged involvement with a cannabis growing company labeled a Ponzi scheme.  
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CFP Board Survey Reveals Lucrative Compensation for Certified Financial Planners

March 6th, 2024 at 1:46 PM
According to the inaugural compensation survey conducted by the Certified Financial Planner (CFP) Board, financial planners enjoy substantial earnings when they areCertified Financial Planners (CFPs).
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Mariner Wealth Advisors Face Legal Heat as Competitors Allege Aggressive Recruiting Tactics

March 5th, 2024 at 11:24 AM
Mariner Wealth Advisors has recently become the target of multiple lawsuits from competitors, including Edelman Financial Engines, Avantax, and RWA Wealth Partners.
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New York Attorney General Sues Citibank

March 4th, 2024 at 2:48 PM
New York Attorney General Letitia James has shifted away from her filing a politically motivated action to now file a lawsuit against Citibank, accusing the bank ofinadequately safeguarding customers from online banking scams and refusing to reimburse victims.
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LPL Financial Agrees to $6 Million Settlement with FINRA Over Regulation Best Interest Lapses

March 1st, 2024 at 11:34 AM
LPL Financial has agreed to pay over $6 million to settle charges by FINRA, alleging violations of Regulation Best Interest in recommending trades involving certain listed business development companies.
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Former Wells Fargo Advisor Suspended by FINRA for Unreported Brokerage Account

February 28th, 2024 at 4:11 PM
A former Wells Fargo advisor, Robert J. DeHayes, faced fines and suspension from the Financial Industry Regulatory Authority (FINRA) for maintaining an undisclosed outside brokerage account in his wife's name.
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Edward Jones Advisor Faces Suspension and Fine for Concealing Office Ownership

February 27th, 2024 at 1:13 PM
Lincoln L. Mason has agreed to a 90-day suspension and a $5,000 fine following allegations of deceiving the firm into leasing office space he owned.
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LATEST NEWS AND ARTICLES

April 24, 2024
RIA Insurance Claims Skyrocket

A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.

April 22, 2024
FINRA Fines Independent Broker-Dealers Over Cybersecurity Lapses

The Financial Industry Regulatory Authority (FINRA) has imposed fines and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity deficiencies that led to hackers accessing the private information of more than 32,000 customers.