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Tagged with "Eccleston Law"

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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SEC Issues Investor Warning Related to Single-Stock ETFs

Posted on July 26th, 2022 at 3:32 PM
SEC Issues Investor Warning Related to Single-Stock ETFs

While the Securities and Exchange Commission (SEC) has regularly updated its regulatory framework to address the introduction of complex exchange-traded products (ETPs), the SEC now is warning investors about single-stock exchange-traded funds (ETFs), which are set to soon hit the market.

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$1.8 Million SEC Judgement Against Advisor Upheld on Appeal

Posted on July 25th, 2022 at 1:27 PM
$1.8 Million SEC Judgement Against Advisor Upheld on Appeal

The Securities and Exchange Commission (SEC) has convinced the U.S. Court of Appeals for the Seventh Circuit to uphold a $1.8 million judgment imposed on an advisor accused of fraud.

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CFP Board Issues 17 Sanctions in its Recent Round of Disciplinary Actions

Posted on July 21st, 2022 at 12:55 PM
CFP Board Issues 17 Sanctions in its Recent Round of Disciplinary Actions

The Certified Financial Planner Board of Standards (CFP Board) recently issued sanctions against 17 CFP professionals for a host of violations, including attempting to cheat on the CFP exam, failing to pay taxes, and stealing reward points from an employer’s credit card.

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SEC Charges Former LPL Advisor With Misappropriating $1.7 Million

Posted on July 20th, 2022 at 2:39 PM
SEC Charges Former LPL Advisor With Misappropriating $1.7 Million

The Securities and Exchange Commission (SEC) has charged a former LPL advisor with misappropriating $1.7 million from at least three clients to cover personal expenses, including the purchase of a house.

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Here’s How FINRA Spent Its Fine Proceeds In 2021

Posted on July 19th, 2022 at 1:59 PM
Here’s How FINRA Spent Its Fine Proceeds In 2021

The Financial Industry Regulatory Authority (FINRA) imposed fines worth up to $90.1 million in 2021, which was a substantial increase from the $57 million issued in 2020.

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Morgan Stanley Seeks to Send Brokers’ Deferred Comp Lawsuit to Arbitration

Posted on July 18th, 2022 at 3:33 PM

Morgan Stanley has asked a federal court to stay a proposed class action lawsuit related to its deferred compensation plan and compel 12 of its former brokers who filed the suit to arbitrate their claims.

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Notable 2022 Ponzi Schemes

Posted on July 18th, 2022 at 3:15 PM
Notable 2022 Ponzi Schemes

Several notable Ponzi schemes have been uncovered so far in 2022.

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FINRA Fines and Suspends Former LPL Broker Over Undisclosed Customer Settlement

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FINRA Orders American Portfolios to Pay $1.6 Million Over Unit Investment Trust Supervision Failures

The Financial Industry Regulatory Authority (FINRA) has ordered American Portfolios, the broker-dealer later absorbed into Osaic, to pay more than $1.6 million in restitution and fines over failures to supervise financial advisors who repeatedly recommended that customers sell unit investment trusts (UITs) before maturity.

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October 19, 2026
FINRA Bars Former LPL Broker Over Alleged $1.7 Million Customer Theft

The Financial Industry Regulatory Authority (FINRA) has barred former LPL Financial broker Rudy Anguiano after finding that he converted more than $1.7 million from two customers, according to AdvisorHub.