Eccleston Law Blog

FINRA Highlights Compliance Priorities for 2025

February 19th, 2025 at 4:28 PM
The Financial Industry Regulatory Authority (FINRA) has released its annual regulatory oversight report, emphasizing key compliance concerns for broker-dealers.
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Regulatory Spotlight on AI in Financial Advising: Risks, Opportunities, and Compliance Needs

February 18th, 2025 at 10:21 AM
Artificial intelligence (AI) tools, including large language models (LLMs), present both promising opportunities and notable risks for financial advisors. According to Financial Planning, as the popularity of AI grows in the financial advisory sector, regulators like FINRA and the SEC are examining potential issues closely.
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Jefferies Financial Group Dismisses Miami Advisory Team Amid Alleged Misconduct

February 14th, 2025 at 4:26 PM
Jefferies Financial Group recently terminated a team of Miami-based wealth advisors following allegations of improper money transfers and the use of unauthorized communication methods to conceal the activity.
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FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

February 13th, 2025 at 2:01 PM
A FINRA arbitration panel recently rejected J.P. Morgan Securities’ bid to recover $39.7 million in damages from Edward Turley, a former financial advisor whose allegedmisconduct led the firm to incur significant settlement costs.
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Edward Jones Advisor Barred by FINRA Over Allegations of Unauthorized Account Changes

February 12th, 2025 at 11:16 AM
FINRA has barred Gwendolyn J. Hayes, a former Edward Jones advisor in Oregon after allegations surfaced that she altered client account information without authorization.
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UnitedHealth Group Agrees to $69 Million Settlement in ERISA Class Action Lawsuit

February 11th, 2025 at 2:07 PM
UnitedHealth Group has agreed to pay $69 million to resolve a class action lawsuit alleging violations of its fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA).
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Former Merrill Lynch Advisor Sanctioned by FINRA for Unauthorized Trades

February 10th, 2025 at 1:48 PM
FINRA has fined Anthony J. Seifert, a former Merrill Lynch advisor based in Mount Pleasant, South Carolina, $5,000 and suspended him for 20 days.
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Court Finds American Airlines Breached Fiduciary Duty in 401(k) ESG Case

February 7th, 2025 at 10:02 AM
A federal court ruling against American Airlines has brought attention to the role of environmental, social, and governance (ESG) factors in managing retirement plans.
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SEC Charges LPL Financial with Anti-Money Laundering Failures

February 7th, 2025 at 9:21 AM
The Securities and Exchange Commission (SEC) has charged LPL Financial LLC, a broker-dealer and investment adviser, with multiple violations of anti-money laundering (AML) regulations.
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Vanguard Settles SEC Charges Over Target Date Fund Disclosures for $106 Million

February 6th, 2025 at 4:10 PM
Vanguard has agreed to pay $106.41 million to settle charges by the Securities and Exchange Commission (SEC) over alleged disclosure failures related to its target date retirement funds (TDFs).
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LATEST NEWS AND ARTICLES

April 29, 2025
Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

Merrill Lynch has terminated Daniel G. Diaz, a 37-year industry veteran, for refusing to apply commission discounts to certain client accounts as instructed by management, according to his Central Registration Depository (CRD) record.

April 28, 2025
Former Morgan Stanley Advisor Barred After Fraudulent Check Allegations

Roger A. Gallagher has accepted an industry bar from FINRA rather than cooperate with a regulatory investigation. According to a FINRA Acceptance, Waiver, and Consent letter (“AWC”).

April 25, 2025
Rosedale Advisory Firm Fined for Role in NCAA Player Referral Bribery Scheme

The Securities and Exchange Commission (SEC) has finalized a cease-and-desist proceeding against Rosedale, a former SEC-registered investment adviser, for violations of the Investment Advisers Act of 1940.