Tagged with "Eccleston Law"

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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Recruiting Loans Drive Growth in Financial Planning Firms

Posted on September 20th, 2024 at 1:32 PM
Recruiting Loans Drive Growth in Financial Planning Firms

Recruiting in the financial planning industry remains a crucial strategy for growth, with major firms like LPL Financial and Morgan Stanley leading the charge by offering substantial recruiting loans to attract advisors.

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FINRA Rule Protects Advisors' Private Addresses on BrokerCheck

Posted on September 19th, 2024 at 11:53 AM
FINRA Rule Protects Advisors' Private Addresses on BrokerCheck

FINRA recently implemented a rule allowing advisors to keep their personal home addresses off the public BrokerCheck database by simply checking a box.

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Merrill Lynch and Bank of America Fined $3 Million for Failing to Monitor Manipulative Trading

Posted on September 18th, 2024 at 10:53 AM
Merrill Lynch and Bank of America Fined $3 Million for Failing to Monitor Manipulative Trading

Merrill Lynch and its parent company, Bank of America, have agreed to pay a $3 million fine and accepted censure from FINRA for their failure to properly monitor potentially manipulative trading activities.

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Understanding the Role of Recruiting Loans in Wealth Management Growth

Posted on September 17th, 2024 at 1:40 PM
Understanding the Role of Recruiting Loans in Wealth Management Growth

Recruiting loan balances can offer insight into a wealth management firm's growth strategy, but they do not tell the whole story. Industry compensation consultant Andrew Tasnady told Financial Planning that firms that have seen the most revenue growth in recent years often have large recruiting loan balances.

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LATEST NEWS AND ARTICLES

February 6, 2026
Delaware Regulators Fine Kovack Advisors $985,000

Kovack Advisors Inc., the registered investment adviser affiliate of independent broker-dealer Kovack Securities Inc., agreed to pay a $985,000 fine to Delaware securities regulators.

February 5, 2026
FINRA Fines Broker-Dealer for Repeated Form CRS Disclosure Failures

The Financial Industry Regulatory Authority (FINRA) fined VSI Securities Inc., formerly known as Venecredit Securities Inc., $20,000 for failing to accurately disclose the firm’s disciplinary history in its customer relationship summary, known as Form CRS.

February 4, 2026
Investor Redemptions Rise in Nontraded BDCs Amid Credit Concerns

Financial advisors and their clients have increased redemptions from nontraded business development companies (BDCs) following a series of high-profile corporate bankruptcies, according to InvestmentNews. The surge highlights growing investor concern about liquidity and credit exposure within these high-yield but often risky investment ...