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Tagged with "Eccleston Law"

Class Action Suits Target Major Banks Over Cash Sweep Programs

Posted on November 27th, 2024 at 1:04 PM
Class Action Suits Target Major Banks Over Cash Sweep Programs

Wells Fargo, Merrill Lynch, and Morgan Stanley face class action lawsuits alleging they exploited cash sweep programs to generate “massive revenue” at clients' expense.

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Arizona Revokes Advisor's License for Misrepresenting High-Risk GPB Capital Investments

Posted on November 26th, 2024 at 10:21 AM
Arizona Revokes Advisor's License for Misrepresenting High-Risk GPB Capital Investments

The Arizona Corporation Commission has revoked the license of Scottsdale-based investment advisor representative Luke M. Johnson, who sold over $10 million in high-risk private placements by GPB Capital Holdings. 

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Osaic Advisor Fined and Suspended for Submitting False Bank Statements

Posted on November 25th, 2024 at 2:13 PM
Osaic Advisor Fined and Suspended for Submitting False Bank Statements

AdvisorHub recently reported that the Financial Industry Regulatory Authority (FINRA) has imposed a $5,000 fine and a two-month suspension on Kalomira Zangoulos, a former Osaic advisor in Sterling Heights, Michigan.

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B. Riley Sells Employee Wealth Management Group to Stifel

Posted on November 22nd, 2024 at 2:11 PM
B. Riley Sells Employee Wealth Management Group to Stifel

B. Riley Financial Inc. has announced the sale of part of its employee wealth management division to Stifel Financial Corp. 

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SEC Fines New Jersey Brokerage and RIA Firms $240,000 for Impending Client Reporting

Posted on November 21st, 2024 at 1:17 PM
SEC Fines New Jersey Brokerage and RIA Firms $240,000 for Impending Client Reporting

The Securities and Exchange Commission (SEC) has fined Nationwide Planning Associates, a New Jersey-based independent brokerage, and two affiliated registered investment advisory firms, NPA Asset Management and Blue Point Strategic Wealth, $240,000. 

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Hightower Drops Claims Against Former Advisor Amid Non-Compete Dispute

Posted on November 20th, 2024 at 3:58 PM
Hightower Drops Claims Against Former Advisor Amid Non-Compete Dispute

Hightower, a Chicago-based RIA firm, recently dropped its lawsuit against former advisor Lars Knudsen just days before a federal judge in Illinois was set to rule on the firm’s injunction request.

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Osaic Services Fined $250,000 for Supervisory Failures in Options Trading

Posted on November 19th, 2024 at 1:39 PM
Osaic Services Fined $250,000 for Supervisory Failures in Options Trading

Osaic Services, formerly SagePoint Financial, recently agreed to pay a $250,000 fine and accept censure for failures in supervising excessive and unsuitable options trading from June 2018 to August 2019.

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Wahed Invest Settles SEC Charges Over Undisclosed Endorsements and Ad Rule Violations

Posted on November 18th, 2024 at 3:47 PM
Wahed Invest Settles SEC Charges Over Undisclosed Endorsements and Ad Rule Violations

The SEC recently settled charges with Wahed Invest, a faith-based robo-advisor that markets itself to Muslim clients, over violations of the SEC’s marketing rule.

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FINRA Arbitrators Award Former RBC Advisor $9.7 Million in Gender and Age Discrimination Case

Posted on November 15th, 2024 at 2:20 PM
FINRA Arbitrators Award Former RBC Advisor $9.7 Million in Gender and Age Discrimination Case

FINRA arbitrators recently awarded a former RBC Wealth Management advisor nearly $9.7 million in damages for age and gender discrimination claims. 

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SIFMA Challenges CFP Board

Posted on November 14th, 2024 at 10:46 AM
SIFMA Challenges CFP Board

According to InvestmentNews, the Securities Industry and Financial Markets Association (SIFMA) released a whitepaper criticizing the Certified Financial Planner (CFP) Board’s standards enforcement, asserting it operates as a “de facto, private
regulator.” 

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LATEST NEWS AND ARTICLES

1792610544 Law
October 21, 2026
FINRA Fines and Suspends Former LPL Broker Over Undisclosed Customer Settlement

The Financial Industry Regulatory Authority (FINRA) fined former LPL Financial broker Gregory W.

1792523173 Law
October 20, 2026
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.

1792432258 Law
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.