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Tagged with "Eccleston Law"

SEC Charges First Horizon Advisors for Regulation Best Interest Violations

Posted on October 15th, 2024 at 4:09 PM
SEC Charges First Horizon Advisors for Regulation Best Interest Violations

The Securities and Exchange Commission (SEC) has charged First Horizon Advisors, LLC, a registered broker-dealer, with violating Regulation Best Interest (Reg BI).

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Macquarie Investment Management to Pay $79.8 Million for Overvalued CMOs and Unlawful Cross Trades

Posted on October 11th, 2024 at 12:03 PM
Macquarie Investment Management to Pay $79.8 Million for Overvalued CMOs and Unlawful Cross Trades

The U.S. Securities and Exchange Commission (SEC) has charged Macquarie Investment Management Business Trust (MIMBT) with overvaluing collateralized mortgage obligations (CMOs) and executing unlawful cross-trades that favored certain clients. 

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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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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.

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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.

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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.