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Eccleston Law Blog

RIA's Asset Growth Still Trails Behind Wirehouse Counterparts

December 7th, 2023 at 11:29 AM
Registered Investment Advisors (RIAs) are experiencing a faster growth rate in numbers compared to national brokerage firms, as indicated by recent data from Cerulli Associates, but their asset levels still trail.
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Real Estate Firm Funded by Independent Broker-Dealers Faces Financial Collapse

December 6th, 2023 at 1:29 PM
In late September, iCap Enterprises Inc., a real estate investor and manager, filed for bankruptcy after raising $245 million from investors through independent broker-dealers.
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Attorneys Monitor Shareholder Stock Drop Lawsuits Amid IPO Setbacks

December 5th, 2023 at 2:18 PM
Lawyers anticipate a surge in shareholder lawsuits following a series of setbacks in the US IPO market.
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FINRA Suspends Former LPL Advisor for Signing on Partner's Behalf

December 4th, 2023 at 1:31 PM
In a recent message underscoring the significance of ethical conduct, the Financial Industry Regulatory Authority (FINRA) has imposed a one-month suspension on a former LPL Financial advisor.
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SEC Investigation into JPMorgan's Advisory Account Aggregation

December 1st, 2023 at 11:58 AM
The Securities and Exchange Commission (SEC) has launched two investigations that may affect the interests of advisors and clients of JPMorgan Chase & Co.
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FINRA Reveals Baird's $500K Shortfall in Mutual Fund Rebates to Clients

November 30th, 2023 at 1:36 PM
Robert W. Baird & Co. has reached a settlement with the Financial Industry Regulatory Authority (FINRA) wherein they accepted a censure and committed to reimbursing more than $500,000 to clients who were overcharged for their mutual fund investments.
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Arbitration Mandated for Former Morgan Stanley Advisors' Class Claim on Deferred Compensation

November 28th, 2023 at 1:10 PM
A federal judge in Manhattan has granted Morgan Stanley’s request to transfer a potential class action lawsuit to arbitration.
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Wells Fargo Under SEC Scrutiny for Cash Sweep Programs

November 28th, 2023 at 9:47 AM
The Securities and Exchange Commission (SEC) is investigating Wells Fargo & Company over cash sweep options provided to investment advisory clients.
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FINRA Alleges $2 Million in Client Losses and $2 Million in Commissions Due to Advisor's Churning

November 22nd, 2023 at 12:08 PM
According to a Financial Industry Regulatory Authority (FINRA) complaint, Stewart "Paxton" Ginn excessively traded accounts over two and a half years, resulting in $2.22 million in losses and $2.24 million in commissions for him and his firm.
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SEC Charges Former Advisor with $2 Million Fraudulent Scheme

November 21st, 2023 at 1:56 PM
The Securities and Exchange Commission (SEC) has announced the filing of charges against an investment adviser based in Santa Maria, California.
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