Eccleston Law Blog

Oppenheimer & Co. Fined $500,000 by FINRA for Supervisory Lapses

June 7th, 2024 at 11:27 AM
Oppenheimer & Co. has agreed to a $500,000 fine to settle allegations made by FINRA regarding inadequate supervision of certain trades conducted by its advisors directly with fund companies on behalf of customers.
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Regulatory Probes Target Morgan Stanley's Wealth Management Arm

June 6th, 2024 at 1:20 PM
Multiple regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), are conducting investigations into Morgan Stanley's wealth management division, as reported by the Wall Street Journal.
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FINRA Arbitration Awards $100,000 to Investor Over Unsuitable GWG L Bonds

June 5th, 2024 at 10:57 AM
In a recent FINRA arbitration, an investor was awarded close to $100,000 due to unsuitable investments in GWG L bonds purchased in 2018 and 2020.
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SEC Files Charges Against Robert M.Thompson and Financial Freedom Foundation

June 4th, 2024 at 1:13 PM
The U.S. Securities and Exchange Commission (SEC) has taken legal action against Robert M. Thompson and Financial Freedom Foundation (F3 Mastermind), a private entity under his control, for allegedly defrauding investors through three securities offerings.
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Bank Sues Founders of Precedent Wealth

June 3rd, 2024 at 4:08 PM
Cadence Bank has filed a lawsuit against the founders of Precedent Wealth, a San Antonio RIA, accusing them of stealing confidential information and trade secrets in an effort to poach clients from their former firm.
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Advisor Ordered to Pay $2.6 Million in Damages for Breaching Asset Purchase Agreement

May 31st, 2024 at 2:13 PM
A FINRA arbitration panel has ordered Nicole E. Sennett to pay $2,557,000 in compensatory damages to Monocacy Wealth Partners and its founders, Scott A. Brantingson and his son, Scott M. Brantingson.
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FINRA Targets Repeat Offenders and Reg BI Violations in Enforcement Focus

May 29th, 2024 at 1:22 PM
AdvisorHub reports that the Financial Industry Regulatory Authority (FINRA) is advocating more stringent penalties for repeat offenders who fail to comply with FINRA rules or securities laws.
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SEC and FinCEN Propose Stricter Anti-Money Laundering Rules for Investment Advisors

May 28th, 2024 at 10:22 AM
The Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) have proposed a rule to enhance anti-money laundering (AML) and counter-terrorism practices for registered investment advisers (RIAs) and exempt reporting advisers, including private fund and venture capital advisors.
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SEC Fines Five Investment Advisory Firms for Marketing Rule Violations

May 24th, 2024 at 2:16 PM
The Securities and Exchange Commission (SEC) has taken action against five registered investment advisory (RIA) firms for breaching its updated marketing rule, resulting in a combined penalty of $200,000, as disclosed in a recent announcement.
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Stifel Fined Nearly $3 Million for Supervisory Failures

May 23rd, 2024 at 1:12 PM
Stifel Financial Corp. has agreed to pay fines and restitution totaling nearly $3 million due to deficiencies in supervision and compliance regarding the sale of non-traditional exchange-traded funds (NT-ETFs) and products per a filed AWC (Acceptance, Waiver, and Consent).
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TESTIMONIALS

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Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

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