Eccleston Law News and Updates

Finra Sanctions Ex-LPL Broker Over ‘Outside’ Notary Biz

June 17th, 2021 at 1:27 PM
Finra is “laser-focused” on brokers’ unreported outside business activities, according to James Eccleston, a lawyer in Chicago who often represents brokers.
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Eccleston Law Launches Search to Hire Additional Attorneys Nationwide

April 15th, 2021 at 12:37 PM
The needs of financial advisors for legal services never have been greater.  Advisors have come to realize that they cannot rely upon counsel provided by their firms, due to inherent conflicts of interest.
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Just Saying “No” to Firm-Provided and Conflicted Legal Counsel in Your Transition may avoid problems later

April 14th, 2021 at 3:55 PM
Our recently filed court case of Armstrong and Kiefner vs. Shumaker, Loop & Kendrick, and Michael Taaffe alleges behavior that financial advisors should be aware of in considering whether or not they should have agreed to be represented by legal counsel selected/referred by their new firm in connection with their employment transition.
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Affidavit of Merit Received in Eccleston Law’s $25 Million Legal Malpractice Action

April 1st, 2021 at 9:36 AM
Affidavit of Merit Received in Eccleston Law’s $25 Million Legal Malpractice Action On Behalf of Transitioning Morgan Stanley Advisors Who Retained Michael Taaffe and the Shumaker Loop Firm
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Jim Eccleston Awarded Prestigious Recognition

February 26th, 2021 at 9:13 AM
Jim Eccleston has recived the highest recognition by Martindal Hubbell! 
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CFP Board is the New Sheriff and it Is Not Your Friend

October 24th, 2020 at 10:04 AM
CFPs beware!  As CFP Board has become “a much more partisan organization that markets itself as a credentialing firm...and moves towards its politicization of personal financial planning” (Forbes 9/17/19), CFP Board is enforcing its rules and publicizing its discipline imposed like never before.
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Defending Against a Customer Complaint First Requires Selecting Correct Legal Counsel

October 15th, 2020 at 10:02 AM
Customer complaints and arbitration claims never are good news for financial advisors. But too often advisors go “from the frying pan to the fire” by agreeing to be represented by the legal counsel that their firm recommends or refers.
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GPB Capital Holdings: Special Alert for Your Clients Who Invested

October 3rd, 2020 at 9:58 AM
GPB Capital Holdings, LLC (“GPB Capital”) has come under intense scrutiny and regulatory accusations that it perpetrated a $1.8 billion Ponzi scheme in selling numerous GPB “Funds”.
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America’s Most Honored Lawyers for 2020

September 28th, 2020 at 9:03 AM
James Joseph Eccleston is one of America's Most Honored Lawyers for 2020. 
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James Joseph Eccleston 2020 AV Preeminent® Rating Judicial Edition

September 16th, 2020 at 12:37 PM
James Eccleston achieved the highest rating in both Legal Ability and Ethical Standards from Martindale Hubbell for 2020.
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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.


February 23, 2024
Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

John A. Dougherty, a veteran advisor with 23 years of experience, agreed to an AWC (Acceptance, Waiver, and Consent) after refusing to cooperate with a regulatory investigation into allegations of undisclosed outside business activities.

February 22, 2024
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

February 21, 2024
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.