Tagged with "Eccleston Law LLC"

Florida Investment Advisor Accused of Running a $39 Million Fraud Scheme

Posted on March 11th, 2020 at 4:26 PM
Florida Investment Advisor Accused of Running a $39 Million Fraud Scheme

The Securities and Exchange Commission convinced a federal court to freeze assets and put an advisory firm into receivership.

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SEC Obtains Final Judgment Against Broker Found Liable for Unsuitable Excessive Trading

Posted on March 10th, 2020 at 3:19 PM
SEC Obtains Final Judgment Against Broker Found Liable for Unsuitable Excessive Trading

The Securities and Exchange Commission ("SEC") obtained a final judgment against a New York-based broker Donald J. Fowler who was charged with fraud for excessively trading customer accounts using a trading scheme that resulted in hefty commissions for the broker but significant losses for his customers.

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FINRA Enforcement Numbers for 2019

Posted on March 9th, 2020 at 3:06 PM
FINRA Enforcement Numbers for 2019

In 2019, FINRA Enforcement ordered firms and associated persons to pay $70 million in fines, restitution and disgorgement.  Of the $70 million, $44 million was in the form of fines, including 9 fines of over $1 million.  These 9 “supersized” fines totaled $27.9 million.  Additionally, FINRA ordered roughly $24 million in restitution and $2 million in disgorgement in 2019.

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Law Firms File Claims against GPB Funds

Posted on March 6th, 2020 at 2:42 PM
Law Firms File Claims against GPB Funds

Several law firms have redoubled their efforts to solicit investors in the GPB fraud Ponzi scheme. One law firm recently filed a GPB fraud case against Pruco Securities and Kalos Capital for wrongful sale of private placements, including GPB Capital on behalf of an elderly investor who purportedly has suffered investment losses over $250000. 

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SEC Investigating Entity Know as the Better Housing Foundation

Posted on February 28th, 2020 at 5:16 PM
SEC Investigating Entity Know as the Better Housing Foundation

The Better Housing Foundation (“BHF”) has defaulted on roughly $170 million in municipal bounds.  Additionally, Lindran Properties, a subsidiary of the BHF, filed for Chapter 11 bankruptcy on January 31, 2020. The Securities and Exchange Commission (“SEC”) since has launched an investigation into BHF.  In a subpoena, the SEC sought “records related to the events that preceded current ownership’s involvement in [Better Housing Foundation] and its affiliates.”

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Pershing must pay Stanford Ponzi scheme victims $5.6M as fallout grinds on

Posted on February 27th, 2020 at 3:44 PM
Pershing must pay Stanford Ponzi scheme victims $5.6M as fallout grinds on

A FINRA arbitration panel has ordered Bank of New York Mellon's Pershing to pay more than $5.6 million in damages to a bevy of victims of the Ponzi scheme run by R. Allen Stanford more than a decade ago, and more cases are on the way.

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Responding to FINRA Enforcement 8210 Inquiries – Part 2

Posted on February 25th, 2020 at 3:31 PM
Responding to FINRA Enforcement 8210 Inquiries – Part 2

This is the second part of a three-part series.

As discussed in part one of this three-part series, written inquiries made pursuant to FINRA Rule 8210 are a tool used by FINRA Enforcement when investigating registered representatives for potential violations.  Rule 8210 requires registered representatives to comply with FINRA’s requests for information and documents.

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Responding to FINRA Enforcement 8210 Inquiries

Posted on February 21st, 2020 at 2:00 PM
Responding to FINRA Enforcement 8210 Inquiries

This is the first in a three-part series.

FINRA Rule 8210 serves as a tool FINRA Enforcement uses to investigate potential violations of securities rules and regulations.  When FINRA is investigating a registered representative, it will often send the individual an inquiry letter requesting answers to questions and the production of documents.  The registered representative is required by Rule 8210 to comply with FINRA’s requests.

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FINRA Suspends Registered Representative for Serving as an Undisclosed Power of Attorney

Posted on February 20th, 2020 at 2:07 PM
FINRA Suspends Registered Representative for Serving as an Undisclosed Power of Attorney

William J. Schnepp has agreed to a two-month suspension form association with any FINRA member firm in any capacity, as well as a deferred fine of $5,000, for violations of FINRA Rule 2010.

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FINRA Bars Maryland Broker for Converting Funds

Posted on February 18th, 2020 at 2:22 PM
FINRA Bars Maryland Broker for Converting Funds

Ronald “Ramone” Knight has agreed to be barred from association with any FINRA member firm in any capacity after FINRA found that he falsified expense reports. 

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TESTIMONIALS

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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.

Rick R.

LATEST NEWS AND ARTICLES

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.