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Eccleston Law Blog

SEC Finds Deficiencies in Broker-Dealers' Anti-Money Laundering Policies

August 8th, 2023 at 1:11 PM
The Securities and Exchange Commission (SEC) has issued an alert to broker-dealers regarding deficiencies found in their examinations related to crucial anti-money laundering (AML) requirements.
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Judge Directs RIA's Poaching Suit Against Cambridge to Arbitration

August 7th, 2023 at 1:37 PM
A Virginia federal judge recently dismissed a complaint filed by a registered investment advisor (RIA), Colonial River Wealth Advisors, against broker-dealer Cambridge Investment Research, in favor of arbitration to resolve the dispute.
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DOJ Accuses Advisors of $5M Fraud Amid Lawsuit Against Trump Attorney

August 4th, 2023 at 1:08 PM
The Justice Department has charged investment advisor brothers Adam and Daniel Kaplan with wire and investment fraud and money laundering. 
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Former J.P. Morgan Advisor Receives Additional Sanctions For Misleading Testimony

August 3rd, 2023 at 1:18 PM
Last year, a J.P. Morgan advisor, Howard S. Rothman, was required to pay $100,000 due to alleged perjury during a contentious arbitration with his former partner.
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SEC Accuses Florida Resident of Running $35 Million Ponzi Scheme Targeting Church Members

August 2nd, 2023 at 11:51 AM
The Securities and Exchange Commission (SEC) has charged Brent Seaman and several entities under his management with conducting fraudulent activities.
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SEC Proposes Reforms for Internet-Exclusive Investment Advisers

August 1st, 2023 at 10:51 AM
The Securities and Exchange Commission (SEC) introduced proposed amendments to the rule that allows specific investment advisers offering their services online to register with the Commission.
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FINRA Fines LPL Over Failure to Detect Harmful Wire Transfers to Clients

July 31st, 2023 at 1:13 PM
The Financial Industry Regulatory Authority Inc. (FINRA) imposed a $3 million fine on LPL Financial for failing to oversee two financial advisors adequately.
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PIABA Urges SEC to Limit RIAs' Mandatory Arbitration and Mandate Disclosure of Client Claims

July 28th, 2023 at 11:02 AM
The Public Investors Advocate Bar Association (PIABA), a trade group representing plaintiffs' lawyers, has urged the Securities and Exchange Commission (SEC) to take action against the "broken" arbitration system used by investors bringing claims against registered investment advisers (RIAs).
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FINRA Suspends Former LPL Advisor for Unreported Moonlighting as College Professor and Hedge Fund Advisor

July 27th, 2023 at 1:48 PM
The Financial Industry Regulatory Authority (FINRA) finalized a letter of settlement, formally known as an Acceptance, Waiver and Consent (“AWC”), suspending a former LPL Financial advisor, Gregory E. Collins, for six months and imposing a $12,500 fine.
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Potential Downturn Predicted for RIA Mergers and Acquisitions

July 26th, 2023 at 9:44 AM
According to DeVoe & Company's second-quarter RIA Deal Book report, RIA mergers and acquisitions (M&A) are experiencing a decline.
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Redemption Pressure Mounts Across Private Credit and Non-Traded BDC Market

Investors continued pulling money from private credit and nontraded business development companies ("BDCs") during the first quarter of 2026 as concerns about liquidity and portfolio valuations intensified across the sector, according to reporting by InvestmentNews.

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Former Wells Advisor Alleges Age Discrimination

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