Eccleston Law Blog

FINRA Penalizes Morgan Stanley For Shortchanging Clients $800,000 In Fund Fee Rebates

January 10th, 2023 at 1:08 PM
Morgan Stanley has agreed to pay $802,000 in restitution to clients after a Financial Industry Regulatory Authority (FINRA) investigation found that the firm’s supervisory system had shortchanged some clients on mutual fund fee rebates between 2015 and 2021.
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Law Firms Investigate Potential Claims Against Silvergate Capital on Behalf of FTX Customers

January 9th, 2023 at 3:01 PM
Law firms are investigating potential claims against Silvergate Capital on behalf of FTX customers who wired fiat currency to Alameda Research.
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FINRA Settles With Coastal Equities Over Improper GPB Private Placement Sales

January 6th, 2023 at 12:54 PM
The Financial Industry Regulatory Authority (FINRA) has agreed to a $418,000 settlement with Coastal Equities over sales in 2018 of GPB private placements. 
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GWG Bondholders Prepare To File Suit Against Financial Advisory Firms and Executives

January 5th, 2023 at 10:36 AM
A group representing nearly 27,000 retail investors is set to file suit against GWG Holdings’ executives as well as the financial advisory firms that marketed and sold $1.6 billion worth of GWG L bonds, according to a recent bankruptcy court filing in Houston. 
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GWG Obtains Debtor-In-Possession Loan

January 4th, 2023 at 2:08 PM
GWG Holdings has obtained a super-priority secured debtor-in possession loan and guaranty agreement to receive money to fund the company’s operations amidst bankruptcy proceedings, according to a filing with the Securities and Exchange Commission (SEC).
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FINRA Alters Remote Inspection Proposal to Satisfy Critics

January 3rd, 2023 at 1:02 PM
The Financial Industry Regulatory Authority (FINRA) has amended its proposal to permit financial advisory firms to conduct their internal inspections remotely beyond year-end 2023 to satisfy state regulators and investor advocates. 
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FINRA Fines Edward Jones $1.1 Million For Mishandling Phone Records

January 2nd, 2023 at 3:01 PM
The Financial Industry Regulatory Authority (FINRA) has issued a $1.1 million fine to Edward Jones for allegedly mishandling phone records that FINRA was seeking. 
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RIAs Increasingly Rely on Non-Competes Borrowed From Broker-Dealers

December 22nd, 2022 at 12:15 PM
Registered investment advisory firms (RIAs) have borrowed a legal tactic from the broker-dealer space, as RIAs increasingly take defectors to court with allegations of non-compete clause violations, according to a recent article published by AdvisorHub. 
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FINRA Fines LPL $150,000 For Failing to Detect Advisor’s Ponzi Scheme

December 21st, 2022 at 1:33 PM
The Financial Industry Regulatory Authority (FINRA) has fined LPL Financial $150,000 for failing to adequately supervise an advisor who later was found to have perpetuated a Ponzi scheme. 
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SEC Alerts Financial Advisory Firms to Their Failure to Protect Clients From Identity Theft

December 20th, 2022 at 1:15 PM
Financial advisory firms are failing to design and maintain effective policies and procedures to restrict hackers from stealing clients’ personal and confidential information, according to a risk alert published by the Securities and Exchange Commission (SEC).
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TESTIMONIALS

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We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

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