Our securities attorneys at Eccleston Law can guide you through the process, assist you in preparing responses and defenses and ensure the process proceeds as smoothly and quickly as possible. By engaging Eccleston Law, we may be able to help prevent
The securities attorneys at Eccleston Law have significant experience in helping brokers and financial advisors navigate the FINRA Rule 8210 Enforcement process. If you have received a letter from
These “inquiry” letters are made under FINRA Rule 8210, which requires the member, a person associated with the member, or any other person subject to FINRA's jurisdiction to provide information orally, in writing, or electronically. FINRA Rule 8210 also authorizes FINRA to take the person’s testimony, if requested, which is commonly known as an “On The Record” Interview or “OTR”. Failing to comply with the information and document requests by FINRA under Rule 8210 can lead to sanctions, including hefty fines, suspensions, or even a bar from the industry.
If the inquiry was the result of a recent termination, this unwelcomed surprise can cause a significant burden and interference with any pending or new transition to a new firm. Separations of employment are serious, life-altering matters. Oftentimes, state regulators and other self-regulatory agencies and professional organizations such as the CFP Board, will also send inquiries into the same or similar triggering circumstances, each of which are on a separate track and timeline that can be difficult to navigate and defend as you are scrambling to secure new employment or transition your book of business.
As the securities attorneys of Eccleston Law have an acute understanding of regulatory and employment matters unique to the financial industry, our experience can help you manage this overwhelming process and reduce your stress so you can get back to business as a broker.
In addition to terminations and separations of employment, financial advisors may receive inquiry letters due to a variety of other circumstances. Some of the most common events include:
Form U4 and U5 disclosures may include criminal charges and convictions; liens, bankruptcies, and compromises with creditors; outside business activities; and regulatory actions.
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A phishing incident involving an Ameriprise Financial advisor potentially exposed the personal information of hundreds of clients, according to a disclosure posted by the Maine Attorney General’s office.
Merrill Lynch updated its required client disclosure brochure to address, for the first time, the evolving risks tied to cryptocurrency-linked investments and the firm’s expanding use of Artificial Intelligence tools.
The Financial Regulatory Authority (FINRA) ordered independent broker-dealer Osaic and its acquired firm, American Portfolios Financial Services, to pay more than $5 million after finding that American Portfolios misled customers about how it calculated fees in its bank deposit program.
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.
A phishing incident involving an Ameriprise Financial advisor potentially exposed the personal information of hundreds of clients, according to a disclosure posted by the Maine Attorney General’s office.
Merrill Lynch updated its required client disclosure brochure to address, for the first time, the evolving risks tied to cryptocurrency-linked investments and the firm’s expanding use of Artificial Intelligence tools.
The Financial Regulatory Authority (FINRA) ordered independent broker-dealer Osaic and its acquired firm, American Portfolios Financial Services, to pay more than $5 million after finding that American Portfolios misled customers about how it calculated fees in its bank deposit program.
