Tr?id=566623520170033&ev=PageView&noscript=1

RIA EverNest Files Lawsuit to Sever Ties with Sanctuary Wealth Following FINRA Fine

Posted on February 6th, 2024 at 10:45 AM
RIA EverNest Files Lawsuit to Sever Ties with Sanctuary Wealth Following FINRA Fine

From the desk of Jim Eccleston at Eccleston Law 

EverNest Financial Advisors, a Carmel, Indiana-based registered investment adviser, has filed a lawsuit seeking to reverse a deal where it sold a 20 percent stake to Sanctuary Wealth almost two years ago.

As reported by AdvisorHub, EverNest is asking the court to issue a judgment allowing it to buy back the stake at a discount and "decouple" from the relationship, citing Sanctuary's alleged failure to abide by the terms of the deal. The RIA claims Sanctuary's refusal to move forward and its resulting delays are unjustified. Sanctuary's stake is valued at $735,000, and EverNest aims to repurchase it for $588,000.

According to AdvisorHub, the triggering event occurred when the Financial Industry Regulatory Authority (FINRA) censured and fined Sanctuary Securities, leading to the alleged breach of the parties’ agreement. Sanctuary Securities had been censured and fined by FINRA for failing to disclose material information to investors. The lawsuit also seeks damages and legal costs.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I cannot thank you enough for your efforts. You have proven to be a valuable resource.

Jim T.

LATEST NEWS AND ARTICLES

1784303575 Law
July 17, 2026
FINRA Arbitrators Award $2.25 Million Over Life Insurance Strategy

A former financial advisor must pay $2.25 million to clients who alleged he recommended a high-risk life insurance strategy that resulted in significant losses, according to a Financial Industry Regulatory Authority (FINRA) arbitration award.

1784228879 Law
July 16, 2026
Delaware Judge Dismisses United Capital's Poaching Lawsuit Against Osaic With Leave to Amend

A Delaware judge has dismissed United Capital's lawsuit accusing Osaic of improperly recruiting financial advisors and soliciting client assets, but allowed the wealth management firm to file an amended complaint, according to AdvisorHub.

1784134373 Law
July 15, 2026
LPL Financial Faces Class Action Over Phoenix Annuity Disclosures

LPL Financial faces a proposed class action lawsuit alleging that the firm failed to warn annuity investors about the declining financial condition of Phoenix PHL Variable Insurance Company.