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Eccleston Law Blog

Tech Drip Hits Leveraged ETFs Hard, Highlighting Investment Risks

July 30th, 2024 at 11:09 AM
Recent AI-driven rallies in tech stocks have encouraged investors to buy the dip, but this strategy has backfired for those using leveraged exchange-traded funds (ETFs) to amplify returns.
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Why Financial Advisors Should Embrace a Niche Market

July 29th, 2024 at 8:50 AM
FinancialPlanning recently discussed how focusing on a niche can accelerate growth, especially when advisors promote their focus across all mediums, including websites, social media, and branding.
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Kentucky Advisor Sues LPL Financial for Alleged Corporate Raid

July 26th, 2024 at 9:01 AM
A Kentucky advisor, Mark Lamkin, has filed a lawsuit against LPL Financial, claiming the independent broker-dealer orchestrated a corporate raid that resulted in the loss of his firm’s entire book of managed assets.
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FINRA Plans Fee Increases Amid Rising Costs and Losses

July 25th, 2024 at 10:51 AM
The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.
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Raymond James Settles with Oregon Over Excessive Commissions

July 24th, 2024 at 1:36 PM
Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.
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Former Florida Financial Advisor Charged with $2.7 Million Fraud Scheme

July 23rd, 2024 at 12:10 PM
According to ThinkAdvisor, federal prosecutors have charged former Florida financial advisor Jared Dean Eakes with wire fraud, alleging he scammed clients out of over $2.7 million across multiple states, including Alabama, Arkansas, Florida, Missouri, and elsewhere.
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Financial Advisors Win Arbitration Over "Book of Business" Dispute

July 22nd, 2024 at 3:02 PM
In a lengthy arbitration dispute, two Miami-based financial advisors, Eduardo Augsten and Gustavo Vega, battled over revenue generated from their shared book of business.
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Cambridge Investment Research Faces FINRA Review and SEC Penalties

July 19th, 2024 at 11:15 AM
Cambridge Investment Research is under review by FINRA's examination staff and anticipates making a $500,000 restitution payment to certain clients in 2024.
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Financial Institutions Struggle to Combat Rising Authorized Transfer Scams

July 18th, 2024 at 1:02 PM
According to InvestmentNews, financial institutions are increasingly grappling with authorized transfer scams as scammers become more adept at convincing individuals to transfer funds. Despite prioritizing resources to mitigate those scams, only 50 percent of financial institutions feel confident in their ability to detect and stop fraudulent activities.
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Morgan Stanley Settles Block Trade Investigations for $249 Million

July 18th, 2024 at 11:39 AM
Morgan Stanley has agreed to pay $249.4 million to resolve criminal and civil investigations into its handling of large stock trades for customers, according to a recent story in The Wall Street Journal.
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LATEST NEWS AND ARTICLES

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FINRA Seeks to Make Remote Inspection Program Permanent

The Financial Industry Regulatory Authority (FINRA) is seeking approval from the Securities and Exchange Commission (SEC) to make its pandemic-era remote inspections program permanent before the current pilot is scheduled to expire in June 2027, according to AdvisorHub and FINRA's summary of its recent Board of Governors meeting.

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SEC Alleges Illinois Investment Adviser Misappropriated Investor Funds and Concealed Losses

According to a litigation release published on SEC.gov, the Securities and Exchange Commission (SEC) has charged John Sterling Myers and his firms, Sterling Capital, LLC and Sterling Capital Management, LLC, with orchestrating a multi-year fraud involving investor funds held in a pooled investment vehicle.

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