Eccleston Law Blog

Massachusetts RIA Agrees to Settlement with SEC Over Marketing Violations

October 18th, 2023 at 11:36 AM
Massachusetts-based RIA Wellesley Asset Management (WAM) will pay a $1 million civil penalty to resolve allegations of using hypothetical performance information in advertisements without adequate disclosures.
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SEC Files Charges Against Bruderman Asset Management and Principal for Concealing Misuse of Investment Funds

October 17th, 2023 at 1:16 PM
The Securities and Exchange Commission (SEC) has announced that Bruderman Asset Management LLC (BAM), based in New York, and its principal, Matthew J. Bruderman, have agreed to settle charges stemming from their failure to disclose the misuse of proceeds obtained from clients. 
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SEC Intensifies WhatsApp Probe

October 16th, 2023 at 1:13 PM
The Securities and Exchange Commission (SEC) has heightened its investigation into Wall Street's utilization of private messaging applications by gathering thousands of staff messages from over a dozen major investment companies.
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Private Equity Firms Seek $750 Million in Lawsuit Against Morgan Stanley for Alleged Fraud

October 13th, 2023 at 11:51 AM
Private equity firms Certares Management LLC and Knighthead Capital Management LLC have filed a lawsuit against Morgan Stanley, seeking at least $750 million in damages.
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Former Florida-Based Morgan Stanley Advisor Accepts Industry Ban Amid Fraud Probe

October 12th, 2023 at 2:18 PM
A former Morgan Stanley advisor in Fort Lauderdale, Florida, with 23 years of experience, opted for an industry ban instead of cooperating with a Financial Industry Regulatory Authority (FINRA) investigation.
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Goldman Sachs to Pay $5.5 Million Due to Pandemic-Era Audio Recording Failures

October 11th, 2023 at 10:44 AM
The Commodity Futures Trading Commission (CFTC) has imposed a $5.5 million fine on Goldman Sachs for alleged failures in recording and retaining mobile device calls made by its traders at the beginning of the Covid-19 pandemic.
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Deutsche Asset Management Unit Pays $25 Million to Settle "Greenwashing" and AML Violations

October 10th, 2023 at 1:58 PM
Deutsche Bank AG's DWS asset management unit has agreed to a $25 million settlement with the Securities and Exchange Commission (SEC) over two separate issues.
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SEC Charges AIM for Violating Fiduciary Duties

October 6th, 2023 at 1:26 PM
The Securities and Exchange Commission (SEC) announced that American Infrastructure Funds LLC (AIM), a registered investment adviser, has agreed to a settlement exceeding $1.6 million to resolve charges.
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SEC Accuses Californian of Orchestrating $11.8 Million Ponzi Scheme

October 5th, 2023 at 10:20 AM
The Securities and Exchange Commission (SEC) has charged Tilila Walker Sumchai of Richmond, California, with defrauding more than 1,000 retail investors, raising around $11.8 million.
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Former NFL Player Turned Morgan Stanley Advisor Suspended by FINRA

October 4th, 2023 at 1:14 PM
The Financial Industry Regulatory Authority (FINRA) has imposed penalties on William D. Ard, a former professional football player turned advisor.
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