Eccleston Law Blog

FINRA Expels SW Financial and Suspends Chief Executive Officer For Reg BI Violations

May 17th, 2023 at 1:17 PM
The Financial Industry Regulatory Authority (FINRA) has sanctioned a New York-based financial advisory firm, SW Financial, and its Chief Executive Officer for multiple violations of Regulation Best Interest (Reg BI).
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Financial Advisory Firms Seek to Prevent “Disharmony” on Large Teams

May 16th, 2023 at 1:26 PM
Financial advisory firms and company executives continue to promote organizing as a team, which supposedly creates an improved service model for clients.
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Federal Judge Reaffirms Injunctions Against Advisors Who Departed USI for Lockton

May 15th, 2023 at 11:48 AM
A federal judge has upheld and expanded an injunction against several former USI financial advisors who departed for Lockton.
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SEC Charges Two Texas Advisors Over $155 Million Fraudulent Oil & Gas Offering

May 12th, 2023 at 1:14 PM
The Securities and Exchange Commission (SEC) has charged Roy Hill and Eric Shelly along with two entities under their ownership, Clean Energy Technology Association (CETA) and Freedom Impact Consulting (FIC), for allegedly organizing a fraudulent offering that raised nearly $155 million from at least 500 investors. 
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Goldman Sachs Pays $215 Million To Settle Class-Action Suit on Underpaying Women

May 11th, 2023 at 1:21 PM
Goldman Sachs has agreed to pay $215 million to settle a class-action lawsuit that accused the company of systemically underpaying female employees.
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U.S. Government To Investigate Goldman’s Role in Failed SVB Deal

May 9th, 2023 at 1:07 PM
U.S. governmental agencies are set to investigate Goldman Sachs’ role in Silicon Valley Bank’s (SVB’s) last-ditched effort to raise funds in March.
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SEC Charges Son and Father-in-Law Who Targeted Church Members in $20 Million Fraud

May 8th, 2023 at 1:22 PM
The Securities and Exchange Commission (SEC) has charged Brett Bartlett and his father-in-law, Scott Miller, along with their companies over fraudulent securities offerings that generated nearly $20.5 million. 
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BREIT Limits Redemption Requests for Sixth Consecutive Month

May 5th, 2023 at 1:25 PM
Blackstone Real Estate Income Trust Inc. has announced that the company limited redemption requests again last month raising concerns among some investors and industry participants. 
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Stifel Fined $2.5 Million After Advisor Charged Excessive Fees to Seniors and a Church

May 4th, 2023 at 1:24 PM
Massachusetts’ top securities regulator, William Galvin, has ordered Stifel, Nicolaus & Co. to pay $2.5 million for failing to supervise an advisor’s questionable trades, which charged excessive and unauthorized fees to several senior clients, nonprofits, and a church.
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Former Cetera Advisor Wins $500,000 Arbitration Award Over Failed M&A Deal

May 3rd, 2023 at 1:13 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded nearly $500,000 to a former Cetera Financial Group advisor, Betsy Jo Merritt, after an agreement to sell her branch fell through.
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