Eccleston Law Blog

FINRA Sanctions Former Broker for Undisclosed Private Equity and Securities Activities

May 29th, 2025 at 9:51 AM
FINRA has sanctioned former registered representative Thomas A. Rapp for engaging in undisclosed outside business and private securities transactions while associated with M Holdings. The enforcement action stems from a Letter of Acceptance, Waiver and Consent (AWC) Rapp submitted under FINRA Rule 9216, resolving the matter without admitting or denying FINRA’s findings.
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SEC Charges Three Texas Residents in $91 Million Ponzi Scheme

May 28th, 2025 at 12:14 PM
The Securities and Exchange Commission (“SEC”) has filed charges against Kenneth W. Alexander II, Robert D. Welsh, and Caedrynn E. Conner, all Dallas-Fort Worth residents, for orchestrating a Ponzi scheme that raised at least $91 million from over 200 investors.
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FINRA Opens Examination Into B. Riley's Wealth Management Operations Amid Ongoing Regulatory Pressure

May 27th, 2025 at 1:39 PM
B. Riley Financial Inc. continues to draw regulatory attention, with the firm recently disclosing that FINRA has launched a cause examination into its wealth management division. According to AdvisorHub, the firm revealed the inquiry in a filing with the U.S. Securities and Exchange Commission.
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Federal Judge Rejects Vanguard’s $40 Million Class Settlement, Citing Better Outcome Under SEC Deal

May 23rd, 2025 at 3:00 PM
A federal judge has rejected a proposed $40 million class-action settlement with Vanguard, finding that the deal offered little to no real value to harmed investors compared to a separate settlement the firm reached with the Securities and Exchange Commission ("SEC"), according to Barron’s.
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Morgan Stanley Terminates Veteran Financial Advisor Over Real Estate Deal

May 22nd, 2025 at 4:14 PM
Morgan Stanley has terminated advisor Erich A. Canseco, a 17-year industry veteran whose Houston-based team managed $1 billion in assets and earned recognition on Forbes’ 2024 Best-In-State rankings.
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Wave of ERISA Class Actions Challenges 401(k) Plan Practices

May 21st, 2025 at 4:11 PM
A surge in class action lawsuits under the Employee Retirement Income Security Act (ERISA) is forcing employers to reevaluate how they manage workplace retirement plans.
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IRS Clarifies Theft Loss Deductions for Scam Victims Amid Rising Fraud Risks

May 20th, 2025 at 4:10 PM
The IRS has issued new guidance clarifying when victims of financial scams can claim theft loss deductions on their taxes. According to Financial Planning, the guidance offers much-needed direction amid increasingly sophisticated fraud schemes targeting consumers.
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The Lower Barriers and Higher Risks of Private Market Investing

May 19th, 2025 at 3:41 PM
Investing in private companies is becoming more accessible—but whether that is a good thing remains up for debate.
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Founder of AML Bitcoin Convicted in $5 Million Cryptocurrency Fraud Scheme

May 16th, 2025 at 1:36 PM
A California federal jury has convicted Rowland Marcus Andrade, the founder of AML Bitcoin, on charges of wire fraud and money laundering.
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FINRA Suspends Former Raymond James Broker Over Unauthorized Trades in Elderly Client's Account

May 15th, 2025 at 2:05 PM
FINRA has suspended a former Raymond James advisor for three months and ordered him to pay over $23,000 in fines and disgorgement for executing unauthorized trades in an elderly client’s account.
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LATEST NEWS AND ARTICLES

August 13, 2025
FINRA Suspends Financial Advisor for Outsourcing Continuing Education Requirements

The Financial Industry Regulatory Authority (FINRA) has suspended advisor Francis G. Smith for one month and fined him $5,000 after finding he had someone else complete required continuing education (CE) coursework on his behalf.

August 12, 2025
Margin Debt Hits $1 Trillion as Investor Risk Appetite Surges

According to Barron’s, investors are borrowing against their portfolios at record levels.

August 11, 2025
FINRA Suspends Broker for Impersonating Clients During Account Transfers

Chad M. Rogers, a former broker with Independent Financial Partners (IFP) in Oklahoma City, received a 45-day suspension and a $5,000 fine from FINRA after impersonating clients during phone calls to facilitate account transfers.