Eccleston Law Blog

SEC Charges Chicago Advisor Who Allegedly Misappropriated $683,000 of Investor Funds

October 7th, 2022 at 1:08 PM
The Securities and Exchange Commission (SEC) has charged a Chicago-based advisor who allegedly misappropriated $683,000 of investor funds. 
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Waddell & Reed Ordered to Pay $776,000 Over Reverse Churning

October 6th, 2022 at 2:48 PM
Waddell & Reed has agreed to pay nearly $776,000 to settle charges of misconduct over one of its wrap fee programs, according to the Securities and Exchange Commission (SEC). 
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Sparkster Ordered to Pay $35 Million Over Unregistered Crypto Asset Offering

October 5th, 2022 at 1:06 PM
The Securities and Exchange Commission (SEC) has issued a cease-and-desist order against Sparkster and its CEO, Sajjad Daya, over an unregistered crypto asset offering that spanned from April 2018 through July 2018.
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Former Morgan Stanley Advisor Pleads Guilty to $7 Million Ponzi Scheme

October 4th, 2022 at 1:06 PM
A former North Carolina-based Morgan Stanley advisor has pleaded guilty to two felony counts in connection with a Ponzi scheme he operated.
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SEC Charges Real Estate Investment Firm and Owner Over $100 Million Fraud

October 3rd, 2022 at 1:29 PM
The Securities and Exchange Commission has charged Secured Income Group, Inc. along with its owner, Max McDermott, and its head investor relations representative, Stacey Porter, with fraud in a securities offering. 
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SEC Charges Unregistered Crypto Assets Advisor and Owner With Fraud

September 30th, 2022 at 11:09 AM
The Securities and Exchange Commission (SEC) has charged Chicago Crypto Capital along with its owner, Brian Amoah, and two former salesman, Darcas Young and Elbert Elliot, for allegedly defrauding investors in connection with an unregistered offering of crypto asset securities.
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SEC Charges Loop Capital Markets with Violating Municipal Advisor Registration Rule

September 29th, 2022 at 12:44 PM
The Securities and Exchange Commission has charged Loop Capital Markets for allegedly providing advice to a municipal entity without registering as a municipal advisor.
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SEC Charges Four Underwriters to Enforce Municipal Bond Disclosure Law

September 28th, 2022 at 1:33 PM
The Securities and Exchange Commission (SEC) has filed suit against Oppenheimer & Co. and additionally announced settlements with BNY Mellon Capital Markets, TD Securities, and Jefferies for failing to comply with municipal bond offering disclosure requirements. 
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FINRA Fines Financial Advisory Firm After Elderly Client Was Loaded Up on Margin

September 27th, 2022 at 1:04 PM
The Financial Industry Regulatory Authority (FINRA) has agreed to an $86,000 settlement with SagePoint Financial over allegations that the firm failed to effectively supervise its advisors’ use of margin in client accounts. 
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FINRA Fines Another Financial Advisory Firm Over GPB Private Placement Sales

September 26th, 2022 at 1:11 PM
The Financial Industry Regulatory Authority (FINRA) has issued a $60,000 fine to Sanctuary Securities, formerly known as David A. Noyes & Company, over improper sales of two GPB Capital private placement offerings.
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As a financial advisor with over 20 years of experience, I feel fortunate to call Jim my attorney and friend. He is a fantastic lawyer and trusted advisor. He is skilled in the matters necessary to do the job well. He uses his thoughtful approach and calm demeanor to achieve a positive outcome for the client. If you want to feel confident that nothing will be missed and that you will be represented in a highly professional manner, call Jim Eccleston.

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