Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.
According to ThinkAdvisor, federal prosecutors have charged former Florida financial advisor Jared Dean Eakes with wire fraud, alleging he scammed clients out of over $2.7 million across multiple states, including Alabama, Arkansas, Florida, Missouri, and elsewhere.
In a lengthy arbitration dispute, two Miami-based financial advisors, Eduardo Augsten and Gustavo Vega, battled over revenue generated from their shared book of business.
Cambridge Investment Research is under review by FINRA's examination staff and anticipates making a $500,000 restitution payment to certain clients in 2024.
According to InvestmentNews, financial institutions are increasingly grappling with authorized transfer scams as scammers become more adept at convincing individuals to transfer funds. Despite prioritizing resources to mitigate those scams, only 50 percent of financial institutions feel confident in their ability to detect and stop fraudulent activities.
Morgan Stanley has agreed to pay $249.4 million to resolve criminal and civil investigations into its handling of large stock trades for customers, according to a recent story in The Wall Street Journal.
The Financial Industry Regulatory Authority (FINRA) has fined Certified Financial Planner Joseph Occhipinti $5,000 and suspended him for one month for sharing CFP exam content with others.
The Financial Industry Regulatory Authority (FINRA) has barred two former Raymond James financial advisors after they refused to cooperate with investigations into their departures from the St. Petersburg Florida-based firm, according to AdvisorHub.
According to WealthManagement, a team of advisors has left Salomon & Ludwin (S&L), a registered investment advisor, to establish their own RIA, Founders Grove Wealth Partners, with backing from Dynasty Financial Partners.
Dusty Sternadel, a former advisor with Ameriprise, has been sentenced to five years for defrauding clients of over $1.2 million. The Justice Department revealed that Sternadel pleaded guilty to wire fraud earlier this year.
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The CFP Board has announced that it is considering a proposal to change how it treats applicants with expunged criminal convictions, according to Wealth Management.
Edward D.
