Purshe Kaplan to Pay $1.6 Million Settlement

Posted on April 14th, 2021 at 10:06 AM
Purshe Kaplan to Pay $1.6 Million Settlement

From the Desk of Jim Eccleston at Eccleston Law LLC:

Purshe Kaplan Sterling Investments Inc., agreed to pay 50 clients who had filed arbitration claims with the Financial Industry Regulatory Authority (FINRA). 

Since 2017, Purshe Kaplan has agreed to pay $16 million in legal settlements and restitution to clients, with the vast majority stemming from one advisor’s sale of alternative investments to a Native American tribe in Michigan. 2021 is the third straight year that Purshe Kaplan is reporting a million-dollar-plus settlement.

No reason for the $1.6 million settlement with investors was given, but Purshe Kaplan was one of the 60 or so firms that sold private placements of GPB Capital. J. Peter Purcell, Purshe Kaplan's CEO, stated, "The settlement was not related to GPB claims, and the firm had minimal exposure to the matter." 

Eccleston Law LLC represents investors and financial advisors nationwide. Please contact us to discuss any issues that you may have.

Tags: eccleston, settlement, finra, purshe kaplan

Return to Archive



If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.


May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.


May 15, 2024
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.