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Eccleston Law Blog

Goldman Sachs Reports Garden Leave Violations on CRDs of Former PFM Advisors

January 11th, 2024 at 1:28 PM
Goldman Sachs has introduced further challenges for former advisors of its Personal Financial Management (PFM) unit who departed for competitors before the unit's sale to Creative Planning in November.
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SEC Secures Receiver for GPB Capital Holdings Following Alleged Deceptive Practices

January 10th, 2024 at 2:20 PM
The U.S. District Court for the Eastern District of New York approved the SEC's request to transition the ongoing monitorship over GPB Capital Holdings, LLC and its affiliates into a receivership.
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Regulatory Concerns Mount as Wells Fargo Faces Criticism for Insufficient Oversight of Customer Crimes

January 9th, 2024 at 2:11 PM
Wells Fargo is under regulatory scrutiny. According to the Wall Street Journal, regulators have directed the bank to enhance its capabilities in detecting and preventing criminal activity associated with its accounts or products.
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JPMorgan Faces Allegations in $50 Million Wealth Loss Case by 78 Year Old Investor with Dementia

January 8th, 2024 at 2:47 PM
A successful entrepreneur who had entrusted JPMorgan Chase & Co. with his substantial wealth, once valued at $50 million and now valued at $1.5 million, has sued JPMorgan.
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SEC Approves Eased Oversight Guidelines for Remote Advisors

January 5th, 2024 at 1:34 PM
Advisors opting for home offices received a nod from the Securities and Exchange Commission (SEC) as it greenlit rules permitting remote inspections of advisors' offices.
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Alternative Liquidity Capital Proposes Tender Offer for Shares of Closed Wildermuth Fund

January 4th, 2024 at 2:39 PM
Liquidity Index LP, an affiliated Delaware limited partnership of Alternative Liquidity Capital, has offered to acquire up to 238,000 Class I shares of The Wildermuth Fund.
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SEC Imposes Fines on Advisors for Regulation best Interest (Reg BI) Violations

January 3rd, 2024 at 11:52 AM
The Securities and Exchange Commission (SEC) has sanctioned two Laidlaw advisors, Richard Michalski and Michael Murray, for violating Regulation Best Interest's care obligation by making recommendations to four retail customers without a reasonable basis.
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Morgan Stanley Agrees to Fine for Failure to Provide Fund Disclosures

January 2nd, 2024 at 1:16 PM
Morgan Stanley has agreed to a censure and a $400,000 fine following a Financial Industry Regulatory Authority (FINRA) investigation, which revealed the failure to deliver prospectuses to approximately 44,000 accounts invested in specific exchange-traded funds (ETFs).
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SEC Unmasks Connecticut-Based Adviser's $5.9 Million Fraud Scheme

January 2nd, 2024 at 11:45 AM
The Securities and Exchange Commission (SEC) has unveiled a case of alleged fraud involving Connecticut-based unregistered investment adviser John A. Masanotti, Jr., and his company, Middlesex Mortgage Group LLC.
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Former Morgan Stanley Advisor Agrees to Settle with FINRA for Unapproved Investments

December 22nd, 2023 at 10:39 AM
Former Morgan Stanley advisor Sara Y. Qazi has agreed to a $15,000 fine and a three-month suspension after the Financial Industry Regulatory Authority (FINRA) had alleged that she aided a client in an unauthorized private investment.
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