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Eccleston Law Blog

Team Breakups Surge Among Financial Advisors Despite Firm Incentives

October 17th, 2024 at 1:28 PM
In recent months, several high-profile departures have highlighted a growing trend: financial advisors are splitting from longtime teams and even family members to pursue opportunities with other firms. 
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FINRA Penalizes Advisor for Falsifying Client Signatures

October 16th, 2024 at 2:44 PM
FINRA has imposed a $7,500 fine and a one-year suspension on Richard Dean Connally.
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SEC Charges First Horizon Advisors for Regulation Best Interest Violations

October 15th, 2024 at 4:09 PM
The Securities and Exchange Commission (SEC) has charged First Horizon Advisors, LLC, a registered broker-dealer, with violating Regulation Best Interest (Reg BI).
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Macquarie Investment Management to Pay $79.8 Million for Overvalued CMOs and Unlawful Cross Trades

October 11th, 2024 at 12:03 PM
The U.S. Securities and Exchange Commission (SEC) has charged Macquarie Investment Management Business Trust (MIMBT) with overvaluing collateralized mortgage obligations (CMOs) and executing unlawful cross-trades that favored certain clients. 
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Merrill Lynch and Harvest Volatility Management Fined $9.3 Million for Exceeding Client Investment Limits

October 10th, 2024 at 3:19 PM
According to SEC.gov, the Securities and Exchange Commission (SEC) has charged Merrill Lynch, Pierce, Fenner & Smith Inc., and Harvest Volatility Management LLC for exceeding clients’ designated investment limits, resulting in higher fees, increased market exposure, and financial losses. 
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Charles Schwab Faces Lawsuit Over Failure to Prevent Elder Fraud in Computer Hack

October 9th, 2024 at 1:26 PM
A new lawsuit claims that Charles Schwab failed to protect an elderly client from a fraudulent scheme that drained her retirement savings.
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Western International Securities Fined Over $1.5 Million for Failing to Detect Churning

October 8th, 2024 at 3:45 PM
Western International Securities, a California broker-dealer, has been ordered to pay over $1.5 million for failing to detect churning in 100 customer accounts.
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SEC Enforcement Chief Gurbir Grewal to Step Down After Leading Major Crackdowns

October 7th, 2024 at 4:08 PM
Gurbir Grewal, Director of Enforcement at the U.S. Securities and Exchange Commission (SEC), is stepping down after playing a central role in major enforcement actions against Wall Street and the cryptocurrency industry.
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SEC Updates Regulation S-P to Enhance Customer Data Protection

October 4th, 2024 at 2:10 PM
The SEC has introduced long-awaited updates to Regulation S-P, originally adopted in 2000, to improve the protection of customer records and information for broker-dealers, investment companies, and RIAs. 
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FINRA Fines Newbridge Securities $125,000 for AML Failures and Unsuitable Recommendations

October 3rd, 2024 at 8:40 AM
Newbridge Securities Corporation has been fined $125,000 and censured by the Financial Industry Regulatory Authority (FINRA) for inadequate anti-money laundering (AML) protocols and for unsuitable recommendations of complex investment products.
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Former Wells Advisor Alleges Age Discrimination

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