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Eccleston Law Blog

Advisor Sues Hightower, Alleging Age Discrimination and Unfair Treatment

August 30th, 2024 at 9:01 AM
Glenn Frank, a Massachusetts-based financial advisor, has filed a lawsuit against Hightower Holdings and Lexington Wealth Management, alleging age discrimination and unfair treatment.
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Supreme Court Limits SEC's Use of In-House Tribunals in Securities Fraud Cases

August 29th, 2024 at 2:01 PM
As reported by InvestmentNews, the Supreme Court ruled in SEC v. Jarkesy that the SEC must bring actions seeking civil penalties for securities fraud in a court of law, where defendants are entitled to a trial by jury.
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FINRA Fines and Suspends Ex-UBS Advisor for Trading in Deceased Client's Account

August 28th, 2024 at 10:25 AM
As reported by AdvisorHub, the Financial Industry Regulatory Authority (FINRA) has fined a former UBS advisor Luis E. Nin $5,000 and suspended him for one month after he placed unauthorized trades in a deceased client’s account.
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Oppenheimer Seeks Court Order to Block Former Financial Advisor from Soliciting $65 Million Client Book of Deceased Advisor

August 27th, 2024 at 11:35 AM
Oppenheimer & Co. has filed a lawsuit in federal court to restrain former advisor David Dodson from soliciting a $65 million client book that belonged to a deceased advisor.
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FINRA Bars Former Merrill Lynch Advisor

August 26th, 2024 at 10:39 AM
The Financial Industry Regulatory Authority (FINRA) has barred Imdadur “Gino” Rahman, a former Merrill Lynch advisor for multiple compliance violations involving his relationship with an elderly customer.
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Q2 2024 Securities Filings and Settlements: Key Insights

August 23rd, 2024 at 1:50 PM
CRA Insights has prepared its update on Section 10(b) and Section 11 filings and settlements.
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Department of Labor's New Retirement Security Rule: What it Means for Financial Advisors

August 22nd, 2024 at 10:45 AM
The Department of Labor (DOL) unveiled its final Retirement Security Rule, addressing the fiduciary obligations of financial advisors handling retirement-related investments for plan sponsors and individuals.
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Brokerages Face Technical Meltdown Amid Market Turmoil

August 21st, 2024 at 11:42 AM
InvestmentNews recently reported that a severe technical glitch disrupted several major online brokerages as investors scrambled to trade amidst a sharp market downturn.
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SEC Scrutiny Intensifies Over Cash Management in Advisory Accounts

August 20th, 2024 at 11:13 AM
InvestmentNews reports that recent developments have intensified concerns about how broker-dealers manage cash in investment advisory accounts. Morgan Stanley and Wells Fargo & Co. are currently under scrutiny from the Securities and Exchange Commission (SEC) regarding their handling of client cash balances.
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Raymond James to Pay $50 Million in SEC Settlement Over Off-Channel Communications

August 19th, 2024 at 10:58 AM
Raymond James Financial has reached a "settlement in principle" with the Securities and Exchange Commission (SEC) to pay $50 million, resolving an investigation into the firm's off-channel business communications.
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Senior Protection Case Study: Edward Jones and Senior Investor Safeguards

A recent incident involving Edward Jones illustrates how challenging it may be to employ safeguards for protecting older clients from financial exploitation.

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Cash Sweep Litigation Continues to Drive Legal Costs

Cash sweep litigation continues to increase legal costs for wealth management firms despite the Securities and Exchange Commission's (SEC) decision under the Trump administration to close pending investigations without imposing enforcement penalties, according to AdvisorHub.