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Eccleston Law Blog

Massachusetts Secretary of the Commonwealth Launches Investigation Into Advisors' Use of AI

August 15th, 2023 at 1:21 PM
Secretary of the Commonwealth, William Galvin, has announced an inquiry by his securities division to investigate the utilization of AI by companies in their interactions with Massachusetts investors.
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FINRA Penalizes Former LPL Advisor for Falsified Signatures

August 15th, 2023 at 8:58 AM
A former LPL Financial advisor, Bradley T. Wastler, has received a ten-month suspension and a $7,500 fine from the Financial Industry Regulatory Authority (FINRA).
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Bankruptcy Court Approves DWG's Reorganization Plan

August 11th, 2023 at 1:13 PM
The Bankruptcy Court for the Southern District of Texas has approved GWG Holdings Inc.'s reorganization plan.
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Fifth Circuit Upholds Conviction of UDF Executives in Securities Fraud Case

August 10th, 2023 at 11:48 AM
In a recent ruling, the Fifth Circuit upheld the conviction of United Development Funding (UDF) executives on multiple charges of wire and securities fraud linked to their operation of a Ponzi scheme.
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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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