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Tagged with "Eccleston Law"

SEC and FinCEN Propose Stricter Anti-Money Laundering Rules for Investment Advisors

Posted on May 28th, 2024 at 10:22 AM
SEC and FinCEN Propose Stricter Anti-Money Laundering Rules for Investment Advisors

The Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN) have proposed a rule to enhance anti-money laundering (AML) and counter-terrorism practices for registered investment advisers (RIAs) and exempt reporting advisers, including private fund and venture capital advisors.

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SEC Fines Five Investment Advisory Firms for Marketing Rule Violations

Posted on May 24th, 2024 at 2:16 PM
SEC Fines Five Investment Advisory Firms for Marketing Rule Violations

The Securities and Exchange Commission (SEC) has taken action against five registered investment advisory (RIA) firms for breaching its updated marketing rule, resulting in a combined penalty of $200,000, as disclosed in a recent announcement.

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Stifel Fined Nearly $3 Million for Supervisory Failures

Posted on May 23rd, 2024 at 1:12 PM
Stifel Fined Nearly $3 Million for Supervisory Failures

Stifel Financial Corp. has agreed to pay fines and restitution totaling nearly $3 million due to deficiencies in supervision and compliance regarding the sale of non-traditional exchange-traded funds (NT-ETFs) and products per a filed AWC (Acceptance, Waiver, and Consent).

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Department of Labor Unveils New Fiduciary Rule

Posted on May 22nd, 2024 at 9:11 AM
Department of Labor Unveils New Fiduciary Rule

The Department of Labor (DOL) has announced a comprehensive update to its fiduciary rule, marking a significant overhaul of regulations dating back to 1975.

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FBI Report Highlights Rising Elder Fraud Trends

Posted on May 21st, 2024 at 11:00 AM
FBI Report Highlights Rising Elder Fraud Trends

The FBI's Internet Crime Complaint Center (IC3) released its 2023 Elder Fraud Report, revealing a concerning surge in elder fraud complaints and associated losses.

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Financial Advisor Faces Prison for Defrauding Military Families

Posted on May 20th, 2024 at 1:15 PM
Financial Advisor Faces Prison for Defrauding Military Families

A former financial advisor, Caz Craffy, faces a 20-year prison sentence for defrauding families of deceased military servicemembers, raking in over $1 million in commissions along the way.

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Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

Posted on May 17th, 2024 at 11:41 AM
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

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CFTC Investigates Banks for Potential Whistleblower Suppression

Posted on May 16th, 2024 at 10:26 AM
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.

 

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NFA Issues Order Against 50.ai Investments LLC

Posted on May 15th, 2024 at 2:54 PM
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.

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Former Edward Jones Advisor Cleared to Solicit Clients for Wells Fargo Advisors

Posted on May 13th, 2024 at 1:12 PM
Former Edward Jones Advisor Cleared to Solicit Clients for Wells Fargo Advisors

In a recent decision, a panel of three Financial Industry Regulatory Authority (FINRA) arbitrators ruled against Edward D. Jones & Co., allowing one of its former advisors, Justin P. Mackay, to solicit his former clients to transfer their assets to Wells Fargo Advisors.

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LATEST NEWS AND ARTICLES

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SEC Approves FINRA Overhaul of Outside Business Activity Rules

The Securities and Exchange Commission (SEC) has approved FINRA's long-awaited overhaul of the rules governing outside business activities and private securities transactions by financial advisors.

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Texas Investment Adviser Sentenced to 11 Years for $35 Million Ponzi Scheme

A federal judge has sentenced Siddharth Jawahar, who operated Texas-based investment adviser Swiftarc Capital, to 11 years in prison for running a $35 million Ponzi scheme.

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Red Flags to Watch for in Pre-IPO Investment Scams

Investors considering pre-IPO investments should watch for common warning signs of fraud, according to the Securities and Exchange Commission (SEC).