Tagged with "Eccleston Law"

Merrill Lynch and Harvest Volatility Management Fined $9.3 Million for Exceeding Client Investment Limits

Posted on October 10th, 2024 at 3:19 PM
Merrill Lynch and Harvest Volatility Management Fined $9.3 Million for Exceeding Client Investment Limits

According to SEC.gov, the Securities and Exchange Commission (SEC) has charged Merrill Lynch, Pierce, Fenner & Smith Inc., and Harvest Volatility Management LLC for exceeding clients’ designated investment limits, resulting in higher fees, increased market exposure, and financial losses. 

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Charles Schwab Faces Lawsuit Over Failure to Prevent Elder Fraud in Computer Hack

Posted on October 9th, 2024 at 1:26 PM
Charles Schwab Faces Lawsuit Over Failure to Prevent Elder Fraud in Computer Hack

A new lawsuit claims that Charles Schwab failed to protect an elderly client from a fraudulent scheme that drained her retirement savings.

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Western International Securities Fined Over $1.5 Million for Failing to Detect Churning

Posted on October 8th, 2024 at 3:45 PM
Western International Securities Fined Over $1.5 Million for Failing to Detect Churning

Western International Securities, a California broker-dealer, has been ordered to pay over $1.5 million for failing to detect churning in 100 customer accounts.

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SEC Enforcement Chief Gurbir Grewal to Step Down After Leading Major Crackdowns

Posted on October 7th, 2024 at 4:08 PM
SEC Enforcement Chief Gurbir Grewal to Step Down After Leading Major Crackdowns

Gurbir Grewal, Director of Enforcement at the U.S. Securities and Exchange Commission (SEC), is stepping down after playing a central role in major enforcement actions against Wall Street and the cryptocurrency industry.

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SEC Updates Regulation S-P to Enhance Customer Data Protection

Posted on October 4th, 2024 at 2:10 PM
SEC Updates Regulation S-P to Enhance Customer Data Protection

The SEC has introduced long-awaited updates to Regulation S-P, originally adopted in 2000, to improve the protection of customer records and information for broker-dealers, investment companies, and RIAs. 

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FINRA Fines Newbridge Securities $125,000 for AML Failures and Unsuitable Recommendations

Posted on October 3rd, 2024 at 8:40 AM
FINRA Fines Newbridge Securities $125,000 for AML Failures and Unsuitable Recommendations

Newbridge Securities Corporation has been fined $125,000 and censured by the Financial Industry Regulatory Authority (FINRA) for inadequate anti-money laundering (AML) protocols and for unsuitable recommendations of complex investment products.

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SEC Charges Two South Florida Men for Defrauding Venezuelan-American Investors in $5 Million Scheme

Posted on October 2nd, 2024 at 4:30 PM
SEC Charges Two South Florida Men for Defrauding Venezuelan-American Investors in $5 Million Scheme

The Securities and Exchange Commission (SEC) has filed a complaint against two South Florida men, Francisco Javier Malave Hernandez and Ricardo Javier Guerra Farias, for orchestrating a multi-million dollar investment fraud that targeted members of the Venezuelan-American community.

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California Advisor Suspended and Fined for Churning Client Accounts

Posted on October 1st, 2024 at 3:34 PM
California Advisor Suspended and Fined for Churning Client Accounts

A veteran advisor in Santa Maria, California, Stewart "Paxton" Ginn, has been suspended for 18 months and fined $50,000 by FINRA, according to AdvisorHub

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Bank of America and Merrill Lynch Settle with FINRA for Supervisory Failures

Posted on September 30th, 2024 at 3:37 PM
Bank of America and Merrill Lynch Settle with FINRA for Supervisory Failures

Bank of America and its subsidiary, Merrill Lynch, have agreed to a $3 million fine and censure as part of a settlement with FINRA over long-term supervisory failures.

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UBS Faces Class Action Lawsuit Over Cash Sweep Programs

Posted on September 27th, 2024 at 11:52 AM
UBS Faces Class Action Lawsuit Over Cash Sweep Programs

UBS has been hit with a class action lawsuit over its cash sweep programs, joining other major firms like LPL, Wells Fargo, and Ameriprise, which have faced similar litigation.

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LATEST NEWS AND ARTICLES

May 14, 2025
SEC Charges Crypto Promoter in $198 Million Fraud Scheme

The Securities and Exchange Commission (“SEC”) has charged Ramil Palafox for orchestrating a massive securities fraud scheme through his now-defunct company, PGI Global (Praetorian Group International Corporation).

May 13, 2025
Merrill's Investment Solutions Chief Outlines Growing Role for Alternatives in Client Portfolios

At Merrill and Bank of America Private Bank, alternative investments have become a core focus of portfolio construction, according to Financial Planning.

May 12, 2025
FINRA Clarifies Proposed Changes to Outside Activities Rule

FINRA released a statement this week addressing misconceptions surrounding its proposed updates to the rules governing outside business activities by associated persons of broker-dealers.