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Eccleston Law Blog

Morgan Stanley Ordered to Pay Huntington Bank's Brokerage Unit

June 1st, 2023 at 1:15 PM
Morgan Stanley, along with two advisors, has been found jointly responsible for $333,000 in damages and legal fees by an arbitration panel of the Financial Industry Regulatory Authority (FINRA).
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MLB Pitcher Turned Financial Advisor Barred By FINRA

May 31st, 2023 at 3:30 PM
Christopher J. Carpenter, a former Major League Baseball player, has been barred by the Financial Industry Regulatory Authority (FINRA) for his refusal to supply information to FINRA as part of an investigation.
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Compliance Professionals Emphasize the Significance of SEC Reg BI Bulletins in Examinations

May 30th, 2023 at 3:03 PM
Securities and Exchange Commission (SEC) top compliance officials recently announced that the Regulation Best Interest (Reg BI) bulletins will be used in future exams.
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Wells Fargo Advisor Sanctioned Due to Role as Customer Account Beneficiary

May 26th, 2023 at 2:14 PM
The Financial Industry Regulatory Authority (FINRA) has imposed a suspension and a $5,000 fine on Mark A. Brewer, a Wells Fargo Advisor, for acting as a beneficiary on a customer account.
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Fidelity Ordered To Pay Options Trader $4 Million

May 25th, 2023 at 1:15 PM
Financial Industry Regulatory Authority (FINRA) arbitrators have recently ruled in favor of an options trader, ordering Fidelity Brokerage Services to pay nearly $4 million in damages. This decision stems from allegations of mishandling transactions in a margin account, resulting in significant losses for the trader.
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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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