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Tagged with "Eccleston Law"

Ohio-Based Financial Advisors Indicted Over Massive $72 Million Ponzi Scheme

Posted on April 20th, 2023 at 1:10 PM
Ohio-Based Financial Advisors Indicted Over Massive $72 Million Ponzi Scheme

Ohio Attorney General Dave Yost and Ohio Department of Commerce Director Sherry Maxfield have announced multiple felony charges against a group of financial advisors who allegedly misappropriated $72 million from at least 200 clients during the past decade.

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SEC Approves FINRA’s More Restrictive CRD Expungement Rules

Posted on April 19th, 2023 at 1:07 PM
SEC Approves FINRA’s More Restrictive CRD Expungement Rules

The Securities and Exchange Commission (SEC) has approved a new Financial Industry Regulatory Authority (FINRA) rule that makes it more difficult for financial advisors to expunge disputes and misconduct from their records.

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FINRA Re-Files Remote Inspection Pilot Proposal With SEC

Posted on April 18th, 2023 at 1:20 PM
FINRA Re-Files Remote Inspection Pilot Proposal With SEC

The Financial Industry Regulatory Authority (FINRA) has resubmitted a proposal to the Securities and Exchange Commission (SEC) in order to permit firms to conduct remote inspections as part of a pilot program.

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FINRA Arbitration Panel Awards Double Damages to Florida Investor Over Advisor’s “Egregious” Lies

Posted on April 17th, 2023 at 4:11 PM
FINRA Arbitration Panel Awards Double Damages to Florida Investor Over Advisor’s  “Egregious” Lies

A Financial Industry Regulatory Authority (FINRA) arbitration panel has doubled the damages a former advisor must pay to a Florida-based investor due to the “particularly egregious” lies the advisor told to convince the client to invest in a fraud.

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FINRA Arbitration Panel Orders Wells Fargo To Pay Client $500,000 For Mismanagement of McDonald’s Stock Options

Posted on April 14th, 2023 at 2:03 PM
FINRA Arbitration Panel Orders Wells Fargo To Pay Client $500,000 For Mismanagement of  McDonald’s Stock Options

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Wells Fargo to pay a former McDonald’s franchise owner $500,000 for allegedly mishandling stock options he owned in the company.

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SEC Orders Merrill Lynch to Pay $9.7 Million For Failing to Disclose Foreign Exchange Fees

Posted on April 13th, 2023 at 1:21 PM
SEC Orders Merrill Lynch to Pay $9.7 Million For Failing to Disclose Foreign Exchange Fees

The Securities and Exchange Commission (SEC) has ordered Merrill Lynch to pay $9.7 million for failing to disclose certain foreign exchange fees charged to clients for currency conversions.

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FINRA Bars Former LPL and Raymond James Advisor Who Improperly Borrowed $850,000 From Clients

Posted on April 12th, 2023 at 1:16 PM
FINRA Bars Former LPL and Raymond James Advisor Who Improperly Borrowed $850,000  From Clients

The Financial Industry Regulatory Authority (FINRA) has barred a Chattanooga-based financial advisor who improperly borrowed at least $850,000.

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Blackstone REIT Limited Investor Redemptions in March

Posted on April 11th, 2023 at 1:14 PM
Blackstone REIT Limited Investor Redemptions in March

Blackstone Real Estate Income Trust, a non-traded real estate investment trust sponsored by Blackstone Group, announced that the company fulfilled only 15% of repurchase requests in March.

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SEC Seeks to Expand “Dealer” Definition to Expand Regulatory Oversight

Posted on April 11th, 2023 at 8:47 AM
SEC Seeks to Expand “Dealer” Definition to Expand Regulatory Oversight

The Securities and Exchange Commission (SEC) is seeking to expand its definition of “securities dealers”, which has resulted in criticism from various private fund and investment advisors that wish to avoid additional regulatory oversight.

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FINRA Submits Further Revisions To Remote Supervision Proposal

Posted on April 6th, 2023 at 3:05 PM
FINRA Submits Further Revisions To Remote Supervision Proposal

The Financial Industry Regulatory Authority (FINRA) has submitted to the Securities and Exchange Commission (SEC) another revision to one of its two remote supervision proposals. 

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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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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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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.