Tagged with "Eccleston Law"

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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Former Army Financial Counselor Sentenced for Defrauding Gold Star Families

Posted on September 26th, 2024 at 10:28 AM
Former Army Financial Counselor Sentenced for Defrauding Gold Star Families

A former U.S. Army financial counselor, Caz Craffy, also known as “Carz Craffey”, was sentenced to 151 months in prison for defrauding Gold Star families and committing related crimes.

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FINRA Sanctions Supervisor for Failing to Address Excessive Trading Red Flags

Posted on September 25th, 2024 at 11:33 AM
FINRA Sanctions Supervisor for Failing to Address Excessive Trading Red Flags

FINRA has acted against an Independent Financial Group (IFG) supervisor for failing to respond to red flags involving excessive trading in five customer accounts.

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CFP Board Revises Sanction Guidelines and Fitness Standards

Posted on September 24th, 2024 at 11:16 PM
CFP Board Revises Sanction Guidelines and Fitness Standards

The CFP Board has finalized revisions to its Sanction Guidelines and Fitness Standards.

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Former LPL Financial Advisor Fined and Suspended for Unauthorized Signatures

Posted on September 23rd, 2024 at 10:35 AM
Former LPL Financial Advisor Fined and Suspended for Unauthorized Signatures

According to AdvisorHub, Justin Y. Gerow has been fined $5,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations of signing customer account transfer forms without permission.

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LATEST NEWS AND ARTICLES

November 4, 2025
FINRA Suspends Former Morgan Stanley Advisor Over $180,000 in Improper Transfers

The Financial Industry Regulatory Authority (FINRA) suspended former Morgan Stanley advisor C.J. Kline for two years and imposed a $5,000 fine for allegedly executing more than $180,000 in improper fund transfers between his personal and brokerage accounts.

November 3, 2025
Former Florida Broker Pleads Guilty in $2.7 Million Investment Fraud and PPP Loan Scheme

Former Florida broker Jared Dean Eakes, 34, of Jacksonville, has pleaded guilty to wire and bank fraud in connection with a $2.7 million investment scam and a separate scheme involving over $4.75 million in fraudulent Paycheck Protection Program (PPP) loans, according to U.S. Attorney Gregory W. Kehoe for the Middle District of Florida.

October 31, 2025
Department of Labor Sued Over Illegitimate Deferred Compensation Opinion Letter

Three former Morgan Stanley advisors filed suit this week against the U.S. Department of Labor (DOL), claiming the agency exceeded its authority and was unduly influenced when it issued an advisory opinion that sought to undermine their deferred compensation claims.