Eccleston Law Blog

SEC Proposes Enhanced Examination Resources For RIAs in Light of Industry Growth

July 25th, 2023 at 8:42 AM
The Securities and Exchange Commission's (SEC) Chair, Gary Gensler, has presented a solution to address the challenge of overseeing the growing number of registered investment advisors (RIA) within the Division of Examinations.
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Digital World SPAC Settles SEC Charges for Material Misrepresentations to Investors

July 24th, 2023 at 3:17 PM
Digital World Acquisition Corporation (DWAC), a special purpose acquisition company (SPAC), settled fraud charges for making material misrepresentations in forms filed with the SEC as part of DWAC’s initial public offering and proposed merger with Trump Media & Technology Group Corp. (TMTG).
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SEC Wants to Add 83 Examiners

July 21st, 2023 at 1:22 PM
The Appropriations Committee appropriated $2.4 billion to the Securities and Exchange Commission (SEC), $194 million more than the fiscal year 2023 enacted level and close to $73 million less than the budget request.
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Oklahoma Adopts Best Interest Annuity Rule

July 20th, 2023 at 1:14 PM
Oklahoma joins 39 other states including Illinois, Georgia, Washington, Florida, Tennessee, Kansas, Oregon, and Wyoming by finalizing a best-interest rule for annuities.
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Silver Star Properties REIT Investigated by SEC

July 19th, 2023 at 1:15 PM
Silver Star Properties REIT Inc. received notice of an investigation by the Securities and Exchange Commission.
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First Republic Deal Adds $151 Billion to JP Morgan’s Wealth Assets

July 18th, 2023 at 3:52 PM
JPMorgan Chase & Co.’s acquisition of First Republic Bank will add $150.9 billion of client assets to JPMorgan’s wealth segment in its Consumer & Community Banking division, according to the company’s earnings report.
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UBS Agrees to Settle Class-Action Municipal Bonds Suit for 2.5 million

July 17th, 2023 at 9:08 AM
In the case Goodman v. UBS Financial Services, 21-cv-18123, U.S. District Court, New Jersey, a federal judge in New Jersey gave preliminary approval to UBS Financial Services’ $2.5 million deal on Wednesday.
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FINRA Bars Illinois Advisor for Failing to Disclose Private Securities Transactions

July 17th, 2023 at 8:51 AM
The Financial Industry Regulatory Authority (FINRA) has barred an Illinois-based representative, David R. Geake, due to allegations of soliciting an elderly couple to invest in a startup he was involved with.
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SEC to Implement New Rules for Money-Market Mutual Funds, Potentially Clashing with Industry Giants

July 13th, 2023 at 11:18 AM
The US Securities and Exchange Commission (SEC) is preparing to enforce a series of new regulations on money-market mutual funds, potentially leading to a confrontation with major players in the $5.5 trillion industry.
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FINRA Bars Former Wells Fargo Broker for Non-Cooperation in Investigation

July 12th, 2023 at 11:45 AM
The Financial Industry Regulatory Authority (FINRA) has barred Brad M. Jacobson, a former broker at Wells Fargo Advisors and a 17-year wirehouse veteran, due to his failure to cooperate with an investigation into his termination.
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