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Eccleston Law Blog

SEC Files Suit Against Georgia Advisor Over Misappropriation of Client Funds

August 8th, 2022 at 2:25 PM
The Securities and Exchange Commission (SEC) is filing suit against a Georgia-based advisor, Christopher Burns, who allegedly misappropriated client funds.
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SEC Fines RIA $5.8 Million Over 12b-1 Fee Infractions Tied to Wrap Accounts

August 5th, 2022 at 1:24 PM
The Securities and Exchange Commission (SEC) has imposed a $5.8 million fine against Private Advisor Group over 12b-1 fee violations tied to its wrap fee program. 
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North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

August 4th, 2022 at 2:33 PM
The North Dakota Securities Commissioner’s office is seeking to shut down a small West Fargo-based registered investment adviser (RIA) after its owner allegedly violated state securities laws and improperly took custody of $17.8 million in client funds beginning in 2017.
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J.P. Morgan Files Suit Against Former Advisor Over Alleged Client-Poaching

August 3rd, 2022 at 1:40 PM
J.P. Morgan has filed suit against a former advisory who allegedly poached clients after departing the firm to join Stifel, Nicolaus & Co.
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Equitable to Pay $50 Million Over Misleading Statements on Annuity Fees

August 2nd, 2022 at 2:15 PM
The Securities and Exchange Commission (SEC) has filed fraud charges against Equitable Financial Life Insurance Co. for furnishing account statements to nearly 1.4 million variable annuity investors containing materially misleading statements as well as omissions regarding investor fees.
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SEC Charges Four Unregistered Advisors For Selling Sky Group Securities

August 1st, 2022 at 2:22 PM
The Securities and Exchange Commission (SEC) has charged four individuals for improperly selling securities of Sky Group, a Miami-based payday loan company.
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SEC Releases Statement on Jury Trial Decision Involving McDermott Investment Advisors

July 28th, 2022 at 3:09 PM
The Securities and Exchange Commission (SEC) has released a statement indicating that a Pennsylvania jury has ruled in its favor in a suit filed nearly three years ago against Dean McDermott and his firm over improper sales of unit investment trusts (UITs).
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SEC Issues Warning Related to Single-Stock Levered and Inverse ETFs

July 27th, 2022 at 2:19 PM
The Securities and Exchange Commission (SEC) has released a statement addressing single-stock levered and inverse exchange-traded funds (ETFs), which soon will enter the market.
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SEC Issues Investor Warning Related to Single-Stock ETFs

July 26th, 2022 at 3:32 PM
While the Securities and Exchange Commission (SEC) has regularly updated its regulatory framework to address the introduction of complex exchange-traded products (ETPs), the SEC now is warning investors about single-stock exchange-traded funds (ETFs), which are set to soon hit the market.
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$1.8 Million SEC Judgement Against Advisor Upheld on Appeal

July 25th, 2022 at 1:27 PM
The Securities and Exchange Commission (SEC) has convinced the U.S. Court of Appeals for the Seventh Circuit to uphold a $1.8 million judgment imposed on an advisor accused of fraud.
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TESTIMONIALS

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Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

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Merrill Lynch Fined by FINRA for Failing to Report More Than 1,600 Customer Complaints

Merrill Lynch has agreed to pay a $225,000 fine and accept a censure to resolve allegations that it failed to properly identify and report more than 1,600 customer complaints submitted through post-call surveys, according to a Financial Industry Regulatory Authority (FINRA) Acceptance, Waiver and Consent letter ("AWC").

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Independent Review Recommends Sweeping Changes to FINRA's Enforcement Program

An independent review commissioned by the Financial Industry Regulatory Authority (FINRA) recommends significant changes to the regulator's enforcement program, including adopting a statute of limitations, expanding due process protections, and providing greater credit to firms that cooperate during investigations, according to AdvisorHub.