Tagged with "Eccleston Law"

FINRA Disciplinary Actions Rise for the First Time Since 2016

Posted on March 17th, 2025 at 11:51 AM
FINRA Disciplinary Actions Rise for the First Time Since 2016

The Financial Industry Regulatory Authority (FINRA) increased its enforcement actions in 2024, marking the first rise in disciplinary cases since 2016, as reported by AdvisorHub.

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Apex Clearing to Pay $3.2 Million in FINRA Settlement Over Securities Lending Violations

Posted on March 14th, 2025 at 2:11 PM
Apex Clearing to Pay $3.2 Million in FINRA Settlement Over Securities Lending Violations

Apex Clearing, the clearing arm of Apex Fintech Solutions, has agreed to pay $3.2 million to settle FINRA allegations that it failed to ensure customers received compensation for lending their securities.

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Congress Considers Expanding the Accredited Investor Definition

Posted on March 13th, 2025 at 2:30 PM
Congress Considers Expanding the Accredited Investor Definition

A recent congressional hearing examined potential reforms to the accredited investor definition, a critical threshold determining who can participate in private market investments.

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GPB Capital Investors May Receive Some Compensation Under Proposed Distribution Plan

Posted on March 12th, 2025 at 11:59 AM
GPB Capital Investors May Receive Some Compensation Under Proposed Distribution Plan

GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.

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Former CNBC Analyst Pleads Guilty to $2.7 Million Securities Fraud Scheme

Posted on March 11th, 2025 at 2:04 PM
Former CNBC Analyst Pleads Guilty to $2.7 Million Securities Fraud Scheme

James Arthur McDonald Jr., a former financial advisor and frequent CNBC guest analyst, has agreed to plead guilty to securities fraud, admitting to defrauding investors out of at least $2.7 million, as reported by ThinkAdvisor. The felony charge carries a maximum sentence of 20 years in federal prison.

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Wells Fargo and Merrill Lynch Settle SEC Charges Over Cash Sweep Program Policies

Posted on March 10th, 2025 at 12:19 PM
Wells Fargo and Merrill Lynch Settle SEC Charges Over Cash Sweep Program Policies

The Securities and Exchange Commission (SEC) has announced settlements with Wells Fargo Clearing Services LLC, Wells Fargo Advisors Financial Network LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated over allegations that they failed to implement proper policies and procedures for their cash sweep programs.

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FINRA Orders $8.2 Million in Restitution for Mutual Fund Customers

Posted on March 7th, 2025 at 1:59 PM
FINRA Orders $8.2 Million in Restitution for Mutual Fund Customers

FINRA has directed Edward Jones, Osaic Wealth, Inc., and Cambridge Investment Research, Inc. to pay more than $8.2 million in restitution to customers harmed by failures to provide mutual fund sales charge waivers and fee rebates. 

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FINRA Fines Newbridge Securities $105,000 for Failing to Supervise Margin Trading

Posted on March 6th, 2025 at 11:28 AM
FINRA Fines Newbridge Securities $105,000 for Failing to Supervise Margin Trading

Newbridge Securities Corp., an independent broker-dealer based in Boca Raton, Florida, has agreed to pay a $105,000 penalty for failing to supervise financial advisors who recommended margin trading to clients.

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Morgan Stanley Advisor Wins Expungement Under FINRA's Stricter Rules

Posted on March 5th, 2025 at 1:42 PM
Morgan Stanley Advisor Wins Expungement Under FINRA's Stricter Rules

A FINRA arbitration panel granted a financial advisor’s request to expunge a 2022 customer complaint from her record, marking another test of FINRA’s stricter expungement rules.

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Federal Judge Strikes Down Hightower's Non-Compete Agreement in California

Posted on March 4th, 2025 at 10:51 AM
Federal Judge Strikes Down Hightower's Non-Compete Agreement in California

A federal judge in Wilmington, Delaware, ruled against Hightower Advisors in its effort to enforce non-compete agreements against a former advisor in California who sold his firm to Hightower.

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TESTIMONIALS

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Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

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.

May 9, 2025
FINRA Suspends Former Wells Fargo Advisor Over Unauthorized Transfer in Elderly Client's Account

FINRA has fined and suspended former Wells Fargo financial advisor Jarrett Thomas after he executed a $50,000 transaction for an elderly client despite being informed that she was no longer capable of managing her finances.

May 8, 2025
All 50 States Now Aligned on Annuity Sales Standards

The annuity industry officially has secured uniformity in sales regulations across all 50 states.