Tagged with "Eccleston Law"

Financial Advisor Accepts Suspension and Fine for Misrepresenting Continuing Education Compliance

Posted on February 21st, 2025 at 1:28 PM
Financial Advisor Accepts Suspension and Fine for Misrepresenting Continuing Education Compliance

A financial advisor affiliated with Equity Services Inc. (ESI) has agreed to a one-month suspension and a $5,000 fine after the Financial Industry Regulatory Authority (FINRA) found that someone else completed his required continuing education (CE) for a state insurance license renewal.

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Vanguard Settles SEC Allegations Over Misleading Statements on Tax Implications

Posted on February 20th, 2025 at 4:31 PM
Vanguard Settles SEC Allegations Over Misleading Statements on Tax Implications

Vanguard Group has agreed to pay over $106 million to settle allegations by the U.S. Securities and Exchange Commission (SEC) that it misled retail investors regarding capital gains distributions and tax liabilities associated with its popular target-date retirement funds.

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Former Rubicon Wealth Management President Pleads Guilty to Fraud Charges

Posted on February 20th, 2025 at 4:30 PM
Former Rubicon Wealth Management President Pleads Guilty to Fraud Charges

Scott Mason, former president of Rubicon Wealth Management, pleaded guilty to multiple fraud charges after federal prosecutors accused him of misappropriating over $17 million from clients, including his own widowed aunt.

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FINRA Highlights Compliance Priorities for 2025

Posted on February 19th, 2025 at 4:28 PM
FINRA Highlights Compliance Priorities for 2025

The Financial Industry Regulatory Authority (FINRA) has released its annual regulatory oversight report, emphasizing key compliance concerns for broker-dealers.

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Regulatory Spotlight on AI in Financial Advising: Risks, Opportunities, and Compliance Needs

Posted on February 18th, 2025 at 10:21 AM
Regulatory Spotlight on AI in Financial Advising: Risks, Opportunities, and Compliance Needs

Artificial intelligence (AI) tools, including large language models (LLMs), present both promising opportunities and notable risks for financial advisors. According to Financial Planning, as the popularity of AI grows in the financial advisory sector, regulators like FINRA and the SEC are examining potential issues closely.

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Jefferies Financial Group Dismisses Miami Advisory Team Amid Alleged Misconduct

Posted on February 14th, 2025 at 4:26 PM
Jefferies Financial Group Dismisses Miami Advisory Team Amid Alleged Misconduct

Jefferies Financial Group recently terminated a team of Miami-based wealth advisors following allegations of improper money transfers and the use of unauthorized communication methods to conceal the activity.

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FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

Posted on February 13th, 2025 at 2:01 PM
FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

A FINRA arbitration panel recently rejected J.P. Morgan Securities’ bid to recover $39.7 million in damages from Edward Turley, a former financial advisor whose alleged
misconduct led the firm to incur significant settlement costs.

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Edward Jones Advisor Barred by FINRA Over Allegations of Unauthorized Account Changes

Posted on February 12th, 2025 at 11:16 AM
Edward Jones Advisor Barred by FINRA Over Allegations of Unauthorized Account Changes

FINRA has barred Gwendolyn J. Hayes, a former Edward Jones advisor in Oregon after allegations surfaced that she altered client account information without authorization.

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UnitedHealth Group Agrees to $69 Million Settlement in ERISA Class Action Lawsuit

Posted on February 11th, 2025 at 2:07 PM
UnitedHealth Group Agrees to $69 Million Settlement in ERISA Class Action Lawsuit

UnitedHealth Group has agreed to pay $69 million to resolve a class action lawsuit alleging violations of its fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA).

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Former Merrill Lynch Advisor Sanctioned by FINRA for Unauthorized Trades

Posted on February 10th, 2025 at 1:48 PM
Former Merrill Lynch Advisor Sanctioned by FINRA for Unauthorized Trades

FINRA has fined Anthony J. Seifert, a former Merrill Lynch advisor based in Mount Pleasant, South Carolina, $5,000 and suspended him for 20 days.

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If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

July 1, 2025
State Regulators Fine Five Major Broker-Dealers Nearly $10 Million for Excessive Commission Charges

A coalition of state securities regulators has ordered five broker-dealers — including Edward Jones, LPL Financial, RBC, Stifel, and TD Ameritrade — to pay almost $9.9 million in penalties for overcharging customers on small-value trades.

June 30, 2025
SEC Charges New Mexico Investment Advisor with Fee Fraud and Fiduciary Breaches

The Securities and Exchange Commission (“SEC”) has charged David A. Nagler and his firm, New Line Capital LLC, with defrauding clients through deceptive fee disclosures and undisclosed conflicts of interest.

 

June 27, 2025
FINRA Sanctions Advisor for Accepting $1 Million Inheritance from Client Without Firm Approval

FINRA has fined and suspended veteran advisor Kenneth J. Malm for accepting a $1 million inheritance from a client without receiving the necessary firm approval.