Eccleston Law Blog

GWG Holdings Announces Chapter 11 Bankruptcy

April 21st, 2022 at 12:10 PM
GWG Holdings has filed for Chapter 11 bankruptcy. Its woes have included failing to submit its 2021 yearly report to the SEC in April because the firm has yet to employ a new auditor.    
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FINRA Bars Former Edward Jones Advisor Who Refused to Repay $893K

April 20th, 2022 at 2:58 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former Edward Jones advisor who failed to cooperate with a probe into allegations that he refused to return $893,289 to one of his clients.    
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FINRA Suspends Former Morgan Stanley Advisor Who Circumvented Sales Limits

April 19th, 2022 at 1:36 PM
The Financial Industry Regulatory Authority (FINRA) has imposed a $15,000 fine and 20-month suspension on a former Morgan Stanley advisor who allegedly falsified client information in order to circumvent sales restrictions on volatile fixed income investments.      
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GPB Capital Announces Sale of Land in New Jersey

April 19th, 2022 at 8:31 AM
GPB Capital Holdings announced that it has sold land in New Jersey that was previously owned by one of its private placement funds.    
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SEC Charges Four Individuals Involved In Fraudulent Scheme Targeting Retirees

April 15th, 2022 at 1:13 PM
The Securities and Exchange Commission (SEC) has charged Julie Minuskin, Dennis DiRicco, Tom Casey and Golden Genesis, Inc. with defrauding investors with their sales of high-yield promissory notes primarily to retirees.    
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FINRA Fines National Securities $663,000 Over Private Placement Offering

April 14th, 2022 at 1:15 PM
The Financial Industry Regulatory Authority (FINRA) has imposed a $663,000 fine on National Securities for allegedly deceiving investors about the price of shares included in a private placement offering.    
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FINRA Bars Former Cetera Advisor Who Converted Client Funds

April 13th, 2022 at 1:31 PM
The Financial Industry Regulatory Authority (FINRA) has barred a former Cetera Financial advisor for allegedly converting $40,000 from her client accounts in order to purchase mutual fund shares for her son.    
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Wells Fargo Agrees To $32.5 Million Settlement In 401(k) Lawsuit

April 12th, 2022 at 12:20 PM
Wells Fargo has agreed to pay $32.5 million to settle a class-action lawsuit that alleged the firm violated provisions of the Employee Retirement Income Security Act (ERISA).      
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Three Morgan Stanley Advisors Clear Records of Back-Office Mistake

April 11th, 2022 at 1:08 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has expunged the records of three advisors who are part of a large Morgan Stanley team. The disclosure had related to their purported liability for a customer complaint pertaining to a back-office mistake over a misvalued stock certificate.    
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Supreme Court Rules in Favor of Former Ameriprise Advisor

April 8th, 2022 at 12:09 PM
The U.S. Supreme Court has ruled in favor of a former Ameriprise Financial advisor in a landmark decision that could provide advisors with more leeway when disputing arbitration awards.    
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