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Eccleston Law Blog

FINRA Orders D.E. Shaw to Pay Former Fund Manager $52 Million in Defamation Suit

July 15th, 2022 at 12:21 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered D.E. Shaw to pay a former fund manager $52 million, which constitutes one of the largest defamation awards in nearly a decade. 
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CFP Board Suspends Advisor Over Improper GWG Bond Sales

July 14th, 2022 at 12:25 PM
The Certified Financial Planner Board of Standards Inc. (CFP Board) has issued an interim suspension against Patrick Egan, who is an advisor at Western International Securities, a firm recently charged by the SEC for violating Regulation Best Interest (Reg BI).
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UBS Agrees to Pay $25 Million to Settle SEC Fraud Charges Related to YES

July 13th, 2022 at 3:33 PM
The Securities and Exchange Commission (SEC) has agreed to a settlement with UBS Financial Services. The firm has agreed to pay $25 million to settle fraud charges pertaining to a complex options trading strategy known as YES, or Yield Enhancement Strategy.
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Infinity Q Founder Charged by SEC For Overvaluing Assets

July 12th, 2022 at 3:13 PM
Infinity Q, a registered investment adviser with the Securities and Exchange Commission (SEC), oversaw a now-shuttered mutual fund, the Infinity Q Diversified Alpha Fund, as well as a parallel hedge fund, the Infinity Q Volatility Alpha Fund. 
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Municipal Bonds Increasingly Held by Funds Rather Than Retail Investors

July 12th, 2022 at 8:47 AM
The percentage of outstanding municipal bonds owned by U.S. retail investors dipped to 40% in the first three months of the year in comparison to 46% in 2020, according to a Municipal Securities Rulemaking Board report.
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Leveraged Municipal Bond Funds Hit With Losses As Bond Market Falters

July 7th, 2022 at 3:27 PM
The recent bond rout has led to substantial losses for leveraged municipal bond funds. 
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FINRA Fines National Securities $9 Million Over GPB and Other Misconduct

July 6th, 2022 at 11:34 AM
The Financial Industry Regulatory Authority (FINRA) has fined National Securities over a host of issues, including artificially influencing the market for securities it had underwritten and negligently omitting to inform GPB Capital private placement investors that the company had failed to timely file its audited financial statements. 
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Wells Fargo Agrees To $3.75 Million Deal Concluding Ponzi-Aid Dispute

July 1st, 2022 at 1:16 PM
Investors who alleged that Wells Fargo aided and abetted a real estate Ponzi scheme have asked a California federal judge for permission to proceed with a $3.75 million settlement.
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FINRA Fines United Planners Over GPB Private Placement Sales

June 30th, 2022 at 1:18 PM
The Financial Industry Regulatory Authority (FINRA) has fined United Planners’ Financial Services of America over negligent sales of private placements issued by GPB Capital Holdings.
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J.P. Morgan Advisors Ordered To Pay Former Partner $620,000

June 29th, 2022 at 1:15 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered a J.P. Morgan team to pay their former partner at least $620,000 over the dissolution of a partnership.
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