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Eccleston Law Blog

SEC Charges Corvex Management For Failing to Disclose Conflicts of Interest

April 21st, 2023 at 1:14 PM
The Securities and Exchange Commission (SEC) has charged Corvex Management for failing to disclose conflicts of interest related to its personnel’s ownership of sponsors of special purpose acquisition companies (SPACs).
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Ohio-Based Financial Advisors Indicted Over Massive $72 Million Ponzi Scheme

April 20th, 2023 at 1:10 PM
Ohio Attorney General Dave Yost and Ohio Department of Commerce Director Sherry Maxfield have announced multiple felony charges against a group of financial advisors who allegedly misappropriated $72 million from at least 200 clients during the past decade.
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SEC Approves FINRA’s More Restrictive CRD Expungement Rules

April 19th, 2023 at 1:07 PM
The Securities and Exchange Commission (SEC) has approved a new Financial Industry Regulatory Authority (FINRA) rule that makes it more difficult for financial advisors to expunge disputes and misconduct from their records.
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FINRA Re-Files Remote Inspection Pilot Proposal With SEC

April 18th, 2023 at 1:20 PM
The Financial Industry Regulatory Authority (FINRA) has resubmitted a proposal to the Securities and Exchange Commission (SEC) in order to permit firms to conduct remote inspections as part of a pilot program.
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FINRA Arbitration Panel Awards Double Damages to Florida Investor Over Advisor’s “Egregious” Lies

April 17th, 2023 at 4:11 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has doubled the damages a former advisor must pay to a Florida-based investor due to the “particularly egregious” lies the advisor told to convince the client to invest in a fraud.
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FINRA Arbitration Panel Orders Wells Fargo To Pay Client $500,000 For Mismanagement of McDonald’s Stock Options

April 14th, 2023 at 2:03 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Wells Fargo to pay a former McDonald’s franchise owner $500,000 for allegedly mishandling stock options he owned in the company.
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SEC Orders Merrill Lynch to Pay $9.7 Million For Failing to Disclose Foreign Exchange Fees

April 13th, 2023 at 1:21 PM
The Securities and Exchange Commission (SEC) has ordered Merrill Lynch to pay $9.7 million for failing to disclose certain foreign exchange fees charged to clients for currency conversions.
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FINRA Bars Former LPL and Raymond James Advisor Who Improperly Borrowed $850,000 From Clients

April 12th, 2023 at 1:16 PM
The Financial Industry Regulatory Authority (FINRA) has barred a Chattanooga-based financial advisor who improperly borrowed at least $850,000.
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Blackstone REIT Limited Investor Redemptions in March

April 11th, 2023 at 1:14 PM
Blackstone Real Estate Income Trust, a non-traded real estate investment trust sponsored by Blackstone Group, announced that the company fulfilled only 15% of repurchase requests in March.
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SEC Seeks to Expand “Dealer” Definition to Expand Regulatory Oversight

April 11th, 2023 at 8:47 AM
The Securities and Exchange Commission (SEC) is seeking to expand its definition of “securities dealers”, which has resulted in criticism from various private fund and investment advisors that wish to avoid additional regulatory oversight.
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