In a recent article in Financial Planning, Alan J. Foxman highlights several important reasons why financial advisors named in an arbitration claim should hire their own attorney instead of using the firm’s in-house or outside law firm counsel.
Tagged with "Eccleston Law"
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Why Financial Advisors Should Hire an Attorney if Named in FINRA Arbitration Claim
Posted on March 19th, 2019 at 4:32 PM
Tipster Informed FBI About College Admissions Scam in Order to Receive A Reduced Sentence for his Role in a Securities Fraud Case
Posted on March 18th, 2019 at 11:26 AM
According to a Wall Street Journal article, California financier, Morrie Tobin provided a critical tip to the FBI about the college admissions scam (aka Operation Varsity Blues) in order to get a reduced sentence for his role in an unrelated securities fraud case.
Wedbush Securities Settles SEC Failure-To-Supervise Charges Related to Pump and Dump Scheme
Posted on March 15th, 2019 at 9:10 AM
Wedbush Securities, Inc. has agreed to settle an SEC administrative proceeding related to the firm’s failure to take action despite being aware that an employee was involved in a long-running pump-and-dump scheme.
79 Investment Firms Agree to Reimburse $125 Million In Fund Fees to Investors
Posted on March 14th, 2019 at 3:48 PM
According to the SEC, 79 investment firms, including LPL Financial, Raymond James, Oppenheimer, and Wells Fargo have agreed to return more than $125 million to investors for failing to report conflicts of interest in their sale of mutual funds.
SEC Examiners to Focus on How RIAs are Protecting Elderly Clients
Posted on March 13th, 2019 at 11:25 AM
During the IAWatch compliance event in Washington D.C. this month, SEC officials emphasized that examiners will continue to focus on how RIAs serve their senior clients.
Wells Fargo Enhances “Sunsetting” Program in an Effort to Maintain Customer Assets and Advisors
Posted on March 12th, 2019 at 9:46 AM
Wells Fargo Advisors has announced that starting April 1st, the firm will provide incentives to young advisors to help them buy books of business from retiring colleagues under its new “Summit” program. As one incentive, Wells Fargo Advisors will offer financing in the amount of 100% of a retiring colleague’s T-12 revenue.
SEC Examiners to Focus on Fee Disclosure Issues
Posted on March 11th, 2019 at 1:45 PM
As continually emphasized by current and former SEC officials this month during the 21st Annual IA Compliance Conference, examiners will continue to review the fees that advisors are charging clients on certain investments, the adequacy of their fee disclosures, and how their investment choices impact investors’ bottom lines.
FINRA Denies Appeal From Former Ameriprise Financial Broker Barred for Concealing $100 Million Worth of Private Securities Transactions and Outside Business Activities
Posted on March 8th, 2019 at 5:01 PM
In May of 2017, FINRA barred former Ameriprise Financial broker, Jim Jinkook Seol of Lake Forest, California for participating in $100 million worth of private securities transactions by selling away and deliberately concealing the misconduct from Ameriprise Financial.
FINRA’s Largest Fines Per Category in 2018
Posted on March 6th, 2019 at 10:35 AM
In 2018, FINRA fined broker-dealers a total of $68 million, which was a 5% increase from $65 million in 2017, while the average fine per case increased in 2018 to $107,000 from only $65,000 in 2017.
FINRA Bars Ex-MML Broker for Selling $3.5 Million of Woodbridge Promissory Notes
Posted on March 5th, 2019 at 9:17 AM
FINRA has barred former MML Investor Services, LLC broker, Floyd Powell for failing to disclose to his firm that he sold unregistered promissory notes to 11 customers and received $104,000 in commissions as a result of the transactions.
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