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Eccleston Law Blog

FINRA Launches Targeted Exam on Financial Firms’ Crypto Communications

November 28th, 2022 at 1:33 PM
The Financial Industry Regulatory Authority (FINRA) has announced a targeted exam probing for more information as to how firms handled retail communications “concerning crypto asset products and services” after FTX recently filed for bankruptcy.
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FINRA Amends and Delays Expungement Rule Proposal

November 22nd, 2022 at 1:51 PM
The Financial Industry Regulatory Authority (FINRA) once again has amended and delayed a proposed rule change designed to tighten the process for advisors to expunge client complaints from their records. 
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FINRA Fines Wedbush Securities $850,000 For Allegedly Falsifying Client Statements

November 21st, 2022 at 2:12 PM
The Financial Industry Regulatory Authority (FINRA) has fined Wedbush Securities $850,000 to settle allegations that the firm falsified monthly client statements for five years.
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UBS Seeks Injunction Against $8 Million Indiana RBC Team

November 18th, 2022 at 1:14 PM
UBS Wealth Management has asked a federal court to issue a temporary restraining order (TRO) against an $8 million team that departed to RBC Wealth Management in Indianapolis, Indiana. 
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CFP Board Suspends Oklahoma Planner Gregory Womack

November 17th, 2022 at 1:20 PM
The Certified Financial Planner Board of Standards (CFP Board) has issued an interim suspension to Gregory Womack, who operates Womack Investment Advisors in Edmond, Oklahoma.
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SEC Charges Creator of Global Crypto Ponzi Scheme and Three U.S. Promoters Over $295 Million Fraud

November 16th, 2022 at 2:51 PM
The Securities and Exchange Commission has charged Douver Braga, Joff Paradise, Keleionalani Taylor, and Jonathan Tetrault for their roles in Trade Coin Club, which was a fraudulent Ponzi scheme that raised nearly $295 million from over 100,000 investors worldwide. 
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FINRA Releases Regulatory Notice Urging Advisors To Prepare Succession Plans

November 15th, 2022 at 1:12 PM
The Financial Industry Regulatory Authority (FINRA) is urging financial advisors to establish a succession plan incase of unexpected life events as an increased number of advisors near retirement.
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Former Advisor Receives 20-Year Prison Sentence Over Ponzi Scheme Involving Purchase of Advisors’ Books of Business

November 14th, 2022 at 1:04 PM
A former financial advisor who was sentenced earlier this year to 17.5 years in prison for his role in operating a Ponzi scheme now has received a 20-year prison sentence for mail fraud related to the same scheme, according to court documents.
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FINRA Seeks to Extend Remote Inspections Through 2023

November 11th, 2022 at 12:55 PM
The Financial Industry Regulatory Authority (FINRA) is once again seeking to extend a temporary rule permitting financial advisory firms to remotely examine branch offices. 
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FINRA Suspends Former LPL Advisor Who Promised Client “Plenty of Money”

November 10th, 2022 at 2:11 PM
The Financial Industry Regulatory Authority (FINRA) has issued a three-month suspension and $10,000 fine to a former LPL advisor who allegedly promised to double a client’s investment by improperly texting the client from a personal phone.
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