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Eccleston Law Blog

SEC Cracks Down on Misuse of Artificial Intelligence

May 6th, 2024 at 2:53 PM
The U.S. Securities and Exchange Commission (SEC) has taken action against two money managers, Delphia (USA) Inc. and Global Predictions Inc., for allegedly making false and misleading statements regarding their utilization of artificial intelligence (AI) technology.
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Court Grants Former Advisor Temporary Protection in Legal Battle Against Hightower Holdings

May 3rd, 2024 at 11:24 AM
In a legal battle between a former advisor and Hightower Holdings, a Washington state court has issued a temporary restraining order (TRO) against the Chicago-based firm.
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FINRA Bars Former E-Trade Broker for Refusal to Cooperate in Investigation

May 2nd, 2024 at 10:33 AM
Matthew J. Chimento, a former broker at E-Trade Securities in Alpharetta, Georgia, has been barred by FINRA for failing to provide information and documents related to allegations of unauthorized fund transfers from a client's account.
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FINRA Arbitration Awards Wells Fargo Over $3 Million in Dispute with Ohio RIA Founders

May 1st, 2024 at 10:29 AM
A recent FINRA arbitration decision has ordered a Cincinnati-based registered investment advisor firm and two of its founders to pay Wells Fargo more than $3 million in combined damages.
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Commonwealth Financial Network Ordered to Pay $93.3 Million Over Conflicts of Interest

April 30th, 2024 at 1:35 PM
Commonwealth Financial Network has been directed to pay $93.3 million due to its failure to disclose conflicts of interest linked to a revenue-sharing program with aFidelity Investments unit.
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FINRA Regulatory Report Highlights Key Challenges

April 29th, 2024 at 1:41 PM
FINRA's recently released 2024 regulatory oversight report sheds light on evolving trends and challenges in the financial industry.
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Morgan Stanley Seeks Injunction Against Former Advisor for Soliciting Clients

April 26th, 2024 at 9:14 AM
Morgan Stanley has taken legal action against Gregory T. Chevrier to prevent him from contacting his former clients.
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B. Riley Financial Clears Air Amid Allegations, Stock Surges

April 25th, 2024 at 11:57 AM
Amidst swirling speculation regarding its connections with a client linked to the Prophecy Asset Management collapse, B. Riley Financial Inc. has conducted an internalreview, concluding no affiliations with the defunct hedge fund.
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RIA Insurance Claims Skyrocket

April 24th, 2024 at 11:56 AM
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.
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Surge Predicted in Regulation Best Interest Cases

April 23rd, 2024 at 1:13 PM
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.
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