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Eccleston Law Blog

FINRA Focuses On Dual Registrant Hybrid Brokers and Investment Advisors

May 24th, 2023 at 1:37 PM
The Financial Industry Regulatory Authority (FINRA) has recently intensified its enforcement efforts to address a concerning issue related to hybrid brokers and investment advisors exploiting their dual status to maximize customer fees and commissions.
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CFP Board Adopts Revised Procedural Rules

May 23rd, 2023 at 1:12 PM
The Certified Financial Planner Board (CFP Board) recently announced the adoption of the revised Procedural Rules. These rules, which will come into effect on September 1, 2023, aim to establish fair and credible processes for investigating misconduct and enforcing the CFP Board's Code of Ethics and Standards of Conduct.
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Top Merrill Advisor Resigns Amid Customer Complaints

May 22nd, 2023 at 1:09 PM
William King, a top-ranked advisor, voluntarily resigned last month after receiving at least ten customer complaints since August.
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Wells Fargo Pays $1 Billion to Settle Class-Action Lawsuit

May 19th, 2023 at 1:13 PM
Wells Fargo has agreed to pay $1 billion to settle a shareholder lawsuit that accused the company of making misleading statements related to its compliance with federal consent orders following the unauthorized customer account scandal in 2016.
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Federal Prosecutors Charge Hedge Fund Manager For Ponzi Scheme

May 18th, 2023 at 1:11 PM
A former Chicago-based commodities trader, Phillip Galles, has been charged with a single count of wire fraud for allegedly misappropriating $2 million after informing clients that the funds would be invested in commodity futures. 
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FINRA Expels SW Financial and Suspends Chief Executive Officer For Reg BI Violations

May 17th, 2023 at 1:17 PM
The Financial Industry Regulatory Authority (FINRA) has sanctioned a New York-based financial advisory firm, SW Financial, and its Chief Executive Officer for multiple violations of Regulation Best Interest (Reg BI).
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Financial Advisory Firms Seek to Prevent “Disharmony” on Large Teams

May 16th, 2023 at 1:26 PM
Financial advisory firms and company executives continue to promote organizing as a team, which supposedly creates an improved service model for clients.
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Federal Judge Reaffirms Injunctions Against Advisors Who Departed USI for Lockton

May 15th, 2023 at 11:48 AM
A federal judge has upheld and expanded an injunction against several former USI financial advisors who departed for Lockton.
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SEC Charges Two Texas Advisors Over $155 Million Fraudulent Oil & Gas Offering

May 12th, 2023 at 1:14 PM
The Securities and Exchange Commission (SEC) has charged Roy Hill and Eric Shelly along with two entities under their ownership, Clean Energy Technology Association (CETA) and Freedom Impact Consulting (FIC), for allegedly organizing a fraudulent offering that raised nearly $155 million from at least 500 investors. 
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Goldman Sachs Pays $215 Million To Settle Class-Action Suit on Underpaying Women

May 11th, 2023 at 1:21 PM
Goldman Sachs has agreed to pay $215 million to settle a class-action lawsuit that accused the company of systemically underpaying female employees.
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