Eccleston Law Blog

Federal Judge Strikes Down Hightower's Non-Compete Agreement in California

March 4th, 2025 at 10:51 AM
A federal judge in Wilmington, Delaware, ruled against Hightower Advisors in its effort to enforce non-compete agreements against a former advisor in California who sold his firm to Hightower.
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UBS Warns of Increased Advisor Departures Following Compensation Overhaul

March 3rd, 2025 at 2:19 PM
UBS Group AG executives cautioned that the firm may see a rise in advisor departures this year due to changes in its 2025 compensation plan.
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SEC Sanctions One Oak Capital and Advisor for Improper Conversions to Fee Based Accounts

February 28th, 2025 at 1:42 PM
The Securities and Exchange Commission (SEC) has penalized a New York-based registered investment adviser and its veteran adviser for converting brokerage accounts into advisory accounts that resulted in significantly higher fees without providing additional services.
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Arbitration Panel Orders Morgan Stanley to Pay $843,000 for Failing to Protect Elderly Client from Fraud

February 27th, 2025 at 2:35 PM
A FINRA arbitration panel has ordered Morgan Stanley to pay $843,000 in compensatory damages to a senior client residing in Florida for failing to protect her from financial fraud. As reported by ThinkAdvisor, the panel found the firm liable for negligence in a case that highlighted the growing risk of elder financial exploitation.
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Sharp Drop in FINRA Expungement Requests as New Rules Take Effect

February 26th, 2025 at 11:05 AM
The number of brokers seeking to expunge customer complaints and other disclosures from their public records through FINRA’s arbitration forum has plunged 79 percent over the past year.
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FINRA Highlights Risks of Investing Home Equity Loan Proceeds

February 25th, 2025 at 11:20 AM
FINRA issued a reminder to financial advisors to carefully consider customers’ time horizons and risk tolerance, particularly when recommending investments using funds from a home equity loan, as reported by AdvisorHub. 
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Wells Fargo to Strengthen Financial Crimes Risk Management Amid Regulatory Agreement

February 24th, 2025 at 11:55 AM
Wells Fargo has agreed with U.S. banking regulators to enhance its financial crime risk management practices, including tightening controls over suspicious activity and money laundering.
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Financial Advisor Accepts Suspension and Fine for Misrepresenting Continuing Education Compliance

February 21st, 2025 at 1:28 PM
A financial advisor affiliated with Equity Services Inc. (ESI) has agreed to a one-month suspension and a $5,000 fine after the Financial Industry Regulatory Authority (FINRA) found that someone else completed his required continuing education (CE) for a state insurance license renewal.
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Vanguard Settles SEC Allegations Over Misleading Statements on Tax Implications

February 20th, 2025 at 4:31 PM
Vanguard Group has agreed to pay over $106 million to settle allegations by the U.S. Securities and Exchange Commission (SEC) that it misled retail investors regarding capital gains distributions and tax liabilities associated with its popular target-date retirement funds.
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Former Rubicon Wealth Management President Pleads Guilty to Fraud Charges

February 20th, 2025 at 4:30 PM
Scott Mason, former president of Rubicon Wealth Management, pleaded guilty to multiple fraud charges after federal prosecutors accused him of misappropriating over $17 million from clients, including his own widowed aunt.
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LATEST NEWS AND ARTICLES

April 29, 2025
Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

Merrill Lynch has terminated Daniel G. Diaz, a 37-year industry veteran, for refusing to apply commission discounts to certain client accounts as instructed by management, according to his Central Registration Depository (CRD) record.

April 28, 2025
Former Morgan Stanley Advisor Barred After Fraudulent Check Allegations

Roger A. Gallagher has accepted an industry bar from FINRA rather than cooperate with a regulatory investigation. According to a FINRA Acceptance, Waiver, and Consent letter (“AWC”).

April 25, 2025
Rosedale Advisory Firm Fined for Role in NCAA Player Referral Bribery Scheme

The Securities and Exchange Commission (SEC) has finalized a cease-and-desist proceeding against Rosedale, a former SEC-registered investment adviser, for violations of the Investment Advisers Act of 1940.