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Tagged with "Eccleston Law"

Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

Posted on February 23rd, 2024 at 1:23 PM
Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

John A. Dougherty, a veteran advisor with 23 years of experience, agreed to an AWC (Acceptance, Waiver, and Consent) after refusing to cooperate with a regulatory investigation into allegations of undisclosed outside business activities.

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Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

Posted on February 22nd, 2024 at 1:42 PM
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

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SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

Posted on February 21st, 2024 at 2:59 PM
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.

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Challenges Persist: Firms Struggle to Comply with Regulation Best Interest

Posted on February 20th, 2024 at 1:26 PM
Challenges Persist: Firms Struggle to Comply with Regulation Best Interest

FINRA's annual report for 2024 reveals a concerning trend among broker-dealers, with numerous instances of violations of Regulation Best Interest (Reg BI).

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FINRA Flags Violations in 70% of Broker-Dealers' Crypto Communications

Posted on February 19th, 2024 at 1:54 PM

During a two-year-old targeted examination, the Financial Industry Regulatory Authority (FINRA) has identified potential violations in 70 percent of broker-dealers' communications about cryptocurrencies.

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Major Investors Opt Out of Class Actions, Pursue Larger Recoveries

Posted on February 16th, 2024 at 1:59 PM
Major Investors Opt Out of Class Actions, Pursue Larger Recoveries

Large shareholders increasingly are choosing to opt out of class-action settlements, a trend that has gained momentum since a pivotal US Supreme Court ruling altered the landscape.

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New Jersey Advisor Faces Charges for Alleged $89 Million Investor Fraud Scheme

Posted on February 15th, 2024 at 2:42 PM
New Jersey Advisor Faces Charges for Alleged $89 Million Investor Fraud Scheme

Raymond John Pirrello Jr., a barred New Jersey advisor, has been indicted on three counts, including securities fraud conspiracy and wire fraud conspiracy, for allegedly defrauding investors of nearly $89 million.

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FINRA Adopts New Rules for Remote Inspections and Home Offices

Posted on February 14th, 2024 at 11:50 AM
FINRA Adopts New Rules for Remote Inspections and Home Offices

The Financial Industry Regulatory Authority (FINRA) has implemented new rules to enhance its remote inspections pilot program and address home offices as "residential supervisory locations."

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Robinhood Settles Regulatory Action and Agrees to Overhaul Gamification Practices

Posted on February 13th, 2024 at 1:44 PM
Robinhood Settles Regulatory Action and Agrees to Overhaul Gamification Practices

After a prolonged legal battle with the Massachusetts Securities Division, Robinhood has agreed to pay $7.5 million and revamp its digital engagement practices, according to Secretary of the Commonwealth William Galvin.

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FINRA Sanctions Former Edward Jones Financial Advisor for Unauthorized Trades

Posted on February 12th, 2024 at 10:57 AM
FINRA Sanctions Former Edward Jones Financial Advisor for Unauthorized Trades

A former Edward Jones financial advisor in San Francisco, Jilena Yuen-Han Mok, has been fined and suspended by the Financial Industry Regulatory Authority (FINRA) for engaging in unauthorized trading.

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LATEST NEWS AND ARTICLES

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Advisor movement across the wealth management industry accelerated sharply in 2025, with 11,172 experienced financial advisors changing firms, according to reporting by Wealth Management citing the latest Advisor Transition Report from Diamond Consultants.

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FINRA Suspends Former Cape Securities CCO for Supervision Failures Tied to GWG L Bonds and Complex ETPs

The Financial Industry Regulatory Authority (FINRA) recently suspended and fined Lester Joel Hochler, the former Chief Compliance Officer of Cape Securities Inc., for failing to reasonably supervise recommendations of speculative debt securities and complex exchange-traded products to retail customers.