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Eccleston Law Blog

California Advisor Suspended and Fined for Churning Client Accounts

October 1st, 2024 at 3:34 PM
A veteran advisor in Santa Maria, California, Stewart "Paxton" Ginn, has been suspended for 18 months and fined $50,000 by FINRA, according to AdvisorHub. 
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Bank of America and Merrill Lynch Settle with FINRA for Supervisory Failures

September 30th, 2024 at 3:37 PM
Bank of America and its subsidiary, Merrill Lynch, have agreed to a $3 million fine and censure as part of a settlement with FINRA over long-term supervisory failures.
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UBS Faces Class Action Lawsuit Over Cash Sweep Programs

September 27th, 2024 at 11:52 AM
UBS has been hit with a class action lawsuit over its cash sweep programs, joining other major firms like LPL, Wells Fargo, and Ameriprise, which have faced similar litigation.
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Former Army Financial Counselor Sentenced for Defrauding Gold Star Families

September 26th, 2024 at 10:28 AM
A former U.S. Army financial counselor, Caz Craffy, also known as “Carz Craffey”, was sentenced to 151 months in prison for defrauding Gold Star families and committing related crimes.
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FINRA Sanctions Supervisor for Failing to Address Excessive Trading Red Flags

September 25th, 2024 at 11:33 AM
FINRA has acted against an Independent Financial Group (IFG) supervisor for failing to respond to red flags involving excessive trading in five customer accounts.
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CFP Board Revises Sanction Guidelines and Fitness Standards

September 24th, 2024 at 11:16 PM
The CFP Board has finalized revisions to its Sanction Guidelines and Fitness Standards.
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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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