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Tagged with "Eccleston Law"

UBS Recovers $2.3 Million From Former Advisor But Must Revise Form U-5 Termination Language

Posted on June 16th, 2022 at 1:16 PM
UBS Recovers $2.3 Million From Former Advisor But Must Revise Form U-5 Termination Language

A Financial Industry Regulatory Authority (FINRA) arbitration panel recently ordered a former Atlanta-based UBS advisor to repay the firm at least $2.1 million in loans and interest as well as $208,000 in attorneys’ fees.

 
 

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FINRA Arbitrators Order Morgan Stanley and Former Advisor to Pay Damages to Mexican Farmer

Posted on June 15th, 2022 at 1:10 PM
FINRA Arbitrators Order Morgan Stanley and Former Advisor to Pay Damages to Mexican Farmer

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Morgan Stanley and a former advisor with the firm to each pay $160,000 in damages to a Mexican farmer for allegedly making improper recommendations.

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Barred Sarasota Advisor Becomes Subject Of GWG Bond Complaint

Posted on June 14th, 2022 at 1:23 PM
Barred Sarasota Advisor Becomes Subject Of GWG Bond Complaint

An advisor who received a Financial Industry Regulatory Authority (FINRA) bar last year and had numerous BrokerCheck “disclosures” has become the main subject of a client complaint alleging negligence over GWG L Bond sales.

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Market Volatility Sparks Heightened Scrutiny of Complex Products Sales

Posted on June 13th, 2022 at 1:07 PM
Market Volatility Sparks Heightened Scrutiny of Complex Products Sales

Market volatility can expose financial advisory firms that fail to supervise and ensure their advisors adhere to Regulation Best Interest (Reg BI) rules when they recommend complex products, according to FINRA.

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UBS Sues Former Advisor Robert Turner Over Alleged Misappropriation of Client Funds

Posted on June 10th, 2022 at 11:23 AM
UBS Sues Former Advisor Robert Turner Over Alleged Misappropriation of Client Funds

UBS Financial Services has filed suit against a former Waco, Texas, advisor who allegedly misappropriated nearly $17 million from at least 23 investors over a 24-year period.

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SEC Charges Hedge Fund Advisor Over Alleged $39 Million Fraud

Posted on June 9th, 2022 at 1:01 PM
SEC Charges Hedge Fund Advisor Over Alleged $39 Million Fraud

The Securities and Exchange Commission (SEC) has filed fraud charges against EIA All Weather Alpha Fund I Partners LLC (EIA) and its owner, Andrew Middlebrooks, for allegedly operating a multi-year scheme that involved the misappropriation of investor funds.

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SEC Charges RiverSource Distributors With Improper Switching of Variable Annuities

Posted on June 8th, 2022 at 11:23 AM
SEC Charges RiverSource Distributors With Improper Switching of Variable Annuities

The Securities and Exchange Commission (SEC) has agreed to a settlement with RiverSource Distributors Inc. for improper switching or replacing of variable annuities. According to the SEC, RiverSource sold variable annuities to retail clients through an affiliated investment advisory firm, Ameriprise Financial Services.

 
 

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NASAA Members Approve Model Rule Addressing Unpaid Client Arbitration Awards

Posted on June 7th, 2022 at 11:43 AM
NASAA Members Approve Model Rule Addressing Unpaid Client Arbitration Awards

The North American Securities Administrators Association (NASAA) and its members have voted to adopt a model rule addressing financial advisory firms that fail to pay customer arbitration awards.

 
 

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FINRA Revives Plan To Design Expungement Arbitrator Roster

Posted on June 6th, 2022 at 11:03 AM
FINRA Revives Plan To Design Expungement Arbitrator Roster

The Financial Industry Regulatory Authority (FINRA) has announced that it has approved amendments to a rule creating a roster of arbitrators to hear expungement requests.

 
 

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Wells Fargo Ordered To Pay Former Credit Suisse Advisor Nearly a Million Dollars

Posted on June 3rd, 2022 at 1:36 PM
Wells Fargo Ordered To Pay Former Credit Suisse Advisor Nearly a Million Dollars

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Wells Fargo to pay $987,300 in compensatory damages to a former Credit Suisse advisor for aiding and abetting Credit Suisse.

 
 
 

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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

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