Surge Predicted in Regulation Best Interest Cases

Posted on April 23rd, 2024 at 1:13 PM
Surge Predicted in Regulation Best Interest Cases

From the desk of Jim Eccleston at Eccleston Law 

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.

As reported by WealthManagement.com, spoofing has emerged as the top issue in fines, driven by a landmark $24 million penalty against Bank of America. Trade reporting violations and anti-money laundering/Bank Secrecy Act infractions also featured prominently in FINRA's enforcement actions.

Although total fines and penalties increased substantially in 2023, large fines, such as the Bank of America penalty, partly inflated this surge. Excluding such outliers, the actual increase in fines was a more modest 19 percent.

 

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

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

I have the best legal firm in the country to defend me. Awesome job!

Cindy C.

LATEST NEWS AND ARTICLES

February 4, 2026
Investor Redemptions Rise in Nontraded BDCs Amid Credit Concerns

Financial advisors and their clients have increased redemptions from nontraded business development companies (BDCs) following a series of high-profile corporate bankruptcies, according to InvestmentNews. The surge highlights growing investor concern about liquidity and credit exposure within these high-yield but often risky investment ...

February 3, 2026
FINRA Accuses Spartan Capital of Widespread Churning That Allegedly Harmed Customers

The Financial Industry Regulatory Authority (FINRA) has brought a disciplinary complaint against Spartan Capital Securities and several senior leaders of the New York City–based broker-dealer, alleging that the firm facilitated excessive trading that generated millions of dollars in revenue while causing substantial losses to customers.

February 2, 2026
California Investors Allege Unsuitable DST Recommendations in FINRA Arbitration

Two investors from the San Francisco Bay Area have filed a FINRA arbitration claim against brokerage firm Realized Financial and its financial advisors.