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Eccleston Law Blog

Former LPL Financial Advisor Fined and Suspended for Unauthorized Signatures

September 23rd, 2024 at 10:35 AM
According to AdvisorHub, Justin Y. Gerow has been fined $5,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations of signing customer account transfer forms without permission.
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Recruiting Loans Drive Growth in Financial Planning Firms

September 20th, 2024 at 1:32 PM
Recruiting in the financial planning industry remains a crucial strategy for growth, with major firms like LPL Financial and Morgan Stanley leading the charge by offering substantial recruiting loans to attract advisors.
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FINRA Rule Protects Advisors' Private Addresses on BrokerCheck

September 19th, 2024 at 11:53 AM
FINRA recently implemented a rule allowing advisors to keep their personal home addresses off the public BrokerCheck database by simply checking a box.
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Merrill Lynch and Bank of America Fined $3 Million for Failing to Monitor Manipulative Trading

September 18th, 2024 at 10:53 AM
Merrill Lynch and its parent company, Bank of America, have agreed to pay a $3 million fine and accepted censure from FINRA for their failure to properly monitor potentially manipulative trading activities.
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Understanding the Role of Recruiting Loans in Wealth Management Growth

September 17th, 2024 at 1:40 PM
Recruiting loan balances can offer insight into a wealth management firm's growth strategy, but they do not tell the whole story. Industry compensation consultant Andrew Tasnady told Financial Planning that firms that have seen the most revenue growth in recent years often have large recruiting loan balances.
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Former Raymond James Advisor Fined and Suspended for Undisclosed Outside Business Activity

September 16th, 2024 at 11:15 AM
Andrew R. Hutcheson, a former advisor with Raymond James' Alex Brown division in Los Angeles, has agreed to a $5,000 fine and a 30-day suspension following allegations of failing to disclose his involvement in an outside business.
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LPL Financial Faces Potential $50 Million SEC Fine for Recordkeeping Failures

September 13th, 2024 at 5:02 PM
LPL Financial faces a fine of up to $50 million from the Securities and Exchange Commission (SEC) for non-compliance with records preservation rules, as reported by InvestmentNews.
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FINRA Launches Pilot Program for Remote Branch Inspections

September 12th, 2024 at 10:37 AM
According to InvestmentNews, a total of 741 FINRA member firms have joined a three-year pilot program assessing remote inspections of branches and offices.
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New Treasury Rules Impose AML/CFT Requirements on Investment Advisers

September 11th, 2024 at 10:58 AM
The U.S. Treasury Department has finalized anti-money-laundering (AML) regulations targeting investment advisers registered with the U.S. Securities and Exchange Commission (SEC).
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FINRA Bars Advisor for Forging Signatures and Violating Regulation Best Interest

September 10th, 2024 at 11:24 AM
The Financial Industry Regulatory Authority (FINRA) has barred Christopher Reynolds for forging customer signatures on annuity documents and violating Regulation Best Interest (Reg BI). 
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LATEST NEWS AND ARTICLES

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Independent Review Recommends Sweeping Changes to FINRA's Enforcement Program

An independent review commissioned by the Financial Industry Regulatory Authority (FINRA) recommends significant changes to the regulator's enforcement program, including adopting a statute of limitations, expanding due process protections, and providing greater credit to firms that cooperate during investigations, according to AdvisorHub.

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Cresset Sues Former Advisor Over Alleged Client Solicitation and Competing RIA Launch

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Barred Oregon Financial Advisor Pleads Guilty to $1.6 Million Investment Fraud

A former Oregon financial advisor has pleaded guilty to fraud after admitting to a long-running scheme that caused investors to lose more than $1.6 million.