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Eccleston Law Blog

FINRA Penalizes Center Street Securities Over Improper GPB Private Placement Sales

January 11th, 2023 at 1:41 PM
The Financial Industry Regulatory Authority (FINRA) has imposed a fine on Center Street Securities after the financial advisory firm improperly sold GPB private placements. 
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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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