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Eccleston Law Blog

FINRA Charges Advisor for Illicit Commissions Linked to Unregistered Advisor

April 1st, 2024 at 9:53 AM
The Financial Industry Regulatory Authority Inc. (FINRA) has taken action against a California broker, Daniel Beech, allegedly for funneling $900,000 in commissions to an unregistered financial advisor.
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FINRA Sanctions Advisor for Unapproved Fundraising Activities Following Approved OBA

March 28th, 2024 at 1:07 PM
The Financial Industry Regulatory Authority (FINRA) has levied a $15,000 fine and a 21-month suspension against a former advisor, Jeffrey W. Davidson, based in Austin, Texas. Davidson engaged in fundraising activities that raised over $10 million for a fitness company owned by him and his wife.
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FINRA Sanctions Advisor for Signature Falsifications

March 27th, 2024 at 2:10 PM
A 46-year industry veteran from Braintree, Massachusetts, Timothy W. Leveroni, has settled a disciplinary matter by the Financial Industry Regulatory Authority (FINRA) for falsifying signatures, per a settlement agreement known as an Acceptance Waiver and Consent (“AWC”).
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SEC Accuses Former Morgan Stanley Advisor of Defrauding Clients

March 26th, 2024 at 4:32 PM
The Securities and Exchange Commission (SEC) has filed fraud charges against Jesus Rodriguez, accusing him of misappropriating nearly $3.5 million from at least 10 brokerage account holders and advisory clients.
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J.P. Morgan Securities Settles $18 Million SEC Case Over Whistleblower Violations

March 25th, 2024 at 3:31 PM
J.P. Morgan Securities faced a significant penalty as it settled charges brought by the Securities and Exchange Commission (SEC) regarding actions that hindered clients from reporting potential securities law violations.
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Philadelphia Father-Son Advisory Team Awarded Half-Million Dollars in Defamation Case at FINRA

March 22nd, 2024 at 12:00 PM
A Philadelphia-based father-son advisory team has won a significant victory in a FINRA arbitration case against their former firm, Woodbury Financial Services.
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TIAA Settles SEC Charges for Violating Reg BI

March 21st, 2024 at 2:02 PM
The Teachers Insurance and Annuity Association of America (TIAA) has agreed to a $2.2 million settlement with the Securities and Exchange Commission (SEC) over allegations of violating Regulation Best Interest (Reg BI) in recommending investment options to clients opening individual retirement accounts (IRAs).
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Investors Navigate Illiquidity in Venture Funds Through Secondary Deals

March 20th, 2024 at 11:32 AM
The Wall Street Journal reports that the current sluggishness in the venture market has left many investors in venture funds grappling with illiquid portfolios, making it challenging to ascertain their value.
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FINRA's Year-End Enforcement Blitz: LPL Financial and Interactive Brokers Face Major Penalties

March 19th, 2024 at 2:55 PM
The Financial Industry Regulatory Authority Inc. (FINRA) concluded the year with significant penalties against two major firms, LPL Financial and Interactive Brokers.
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SEC Charges Individuals in $1.7 Billion Crypto Pyramid Scheme

March 18th, 2024 at 4:11 PM
The Securities and Exchange Commission (SEC) has filed charges against Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) for their involvement in theHyperFund crypto asset pyramid scheme, which fraudulently raised over $1.7 billion from global investors.
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LATEST NEWS AND ARTICLES

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Merrill Lynch Fined by FINRA for Failing to Report More Than 1,600 Customer Complaints

Merrill Lynch has agreed to pay a $225,000 fine and accept a censure to resolve allegations that it failed to properly identify and report more than 1,600 customer complaints submitted through post-call surveys, according to a Financial Industry Regulatory Authority (FINRA) Acceptance, Waiver and Consent letter ("AWC").

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Independent Review Recommends Sweeping Changes to FINRA's Enforcement Program

An independent review commissioned by the Financial Industry Regulatory Authority (FINRA) recommends significant changes to the regulator's enforcement program, including adopting a statute of limitations, expanding due process protections, and providing greater credit to firms that cooperate during investigations, according to AdvisorHub.

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Cresset Sues Former Advisor Over Alleged Client Solicitation and Competing RIA Launch

Cresset Capital Management has filed a lawsuit in Illinois state court against a former advisor, alleging that he began building a competing registered investment advisory firm and soliciting clients while still employed by the Chicago-based wealth management firm.