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Tagged with "Eccleston Law"

UBS Wealth Group’s Legal Costs Skyrocket in Q2

Posted on August 10th, 2022 at 5:48 PM
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).

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UBS Wealth Relying on Lending as Client Assets Dip

Posted on August 9th, 2022 at 3:24 PM
UBS Wealth Relying on Lending as Client Assets Dip

UBS Wealth Management is relying on loan growth and increasing interest rates amidst a quarter that the company has categorized as “one of the most challenging periods for investors in the last 10 years”, according to UBS CEO Ralph Hamers.

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SEC Files Suit Against Georgia Advisor Over Misappropriation of Client Funds

Posted on August 8th, 2022 at 2:25 PM
SEC Files Suit Against Georgia Advisor Over Misappropriation of Client Funds

The Securities and Exchange Commission (SEC) is filing suit against a Georgia-based advisor, Christopher Burns, who allegedly misappropriated client funds.

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SEC Fines RIA $5.8 Million Over 12b-1 Fee Infractions Tied to Wrap Accounts

Posted on August 5th, 2022 at 1:24 PM
SEC Fines RIA $5.8 Million Over 12b-1 Fee Infractions Tied to Wrap Accounts

The Securities and Exchange Commission (SEC) has imposed a $5.8 million fine against Private Advisor Group over 12b-1 fee violations tied to its wrap fee program. 

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North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

Posted on August 4th, 2022 at 2:33 PM
North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

The North Dakota Securities Commissioner’s office is seeking to shut down a small West Fargo-based registered investment adviser (RIA) after its owner allegedly violated state securities laws and improperly took custody of $17.8 million in client funds beginning in 2017.

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J.P. Morgan Files Suit Against Former Advisor Over Alleged Client-Poaching

Posted on August 3rd, 2022 at 1:40 PM
J.P. Morgan Files Suit Against Former Advisor Over Alleged Client-Poaching

J.P. Morgan has filed suit against a former advisory who allegedly poached clients after departing the firm to join Stifel, Nicolaus & Co.

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Equitable to Pay $50 Million Over Misleading Statements on Annuity Fees

Posted on August 2nd, 2022 at 2:15 PM
Equitable to Pay $50 Million Over Misleading Statements on Annuity Fees

The Securities and Exchange Commission (SEC) has filed fraud charges against Equitable Financial Life Insurance Co. for furnishing account statements to nearly 1.4 million variable annuity investors containing materially misleading statements as well as omissions regarding investor fees.

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SEC Charges Four Unregistered Advisors For Selling Sky Group Securities

Posted on August 1st, 2022 at 2:22 PM
SEC Charges Four Unregistered Advisors For Selling Sky Group Securities

The Securities and Exchange Commission (SEC) has charged four individuals for improperly selling securities of Sky Group, a Miami-based payday loan company.

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SEC Releases Statement on Jury Trial Decision Involving McDermott Investment Advisors

Posted on July 28th, 2022 at 3:09 PM
SEC Releases Statement on Jury Trial Decision Involving McDermott Investment Advisors

The Securities and Exchange Commission (SEC) has released a statement indicating that a Pennsylvania jury has ruled in its favor in a suit filed nearly three years ago against Dean McDermott and his firm over improper sales of unit investment trusts (UITs).

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SEC Issues Warning Related to Single-Stock Levered and Inverse ETFs

Posted on July 27th, 2022 at 2:19 PM
SEC Issues Warning Related to Single-Stock Levered and Inverse ETFs

The Securities and Exchange Commission (SEC) has released a statement addressing single-stock levered and inverse exchange-traded funds (ETFs), which soon will enter the market.

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