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Tagged with "Eccleston Law"

FINRA Cracks Down On UBS and Berthel Fisher

Posted on May 4th, 2022 at 1:35 PM
FINRA Cracks Down On UBS and Berthel Fisher

The Financial Industry Regulatory Authority (FINRA) has issued a $350,000 fine to UBS for failing to report trades in TRACE-eligible securities.

 
 

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GWG Blames SEC Investigation Of Sales Practices For Its Collapse

Posted on May 3rd, 2022 at 1:39 PM
GWG Blames SEC Investigation Of Sales Practices For Its Collapse

In its Chapter 11 bankruptcy filings, GWG has criticized the Securities and Exchange Commission’s (SEC’s) investigation of broker-dealers that sold at least $1.6 billion of its life-settlement backed bonds as a major reason for the firm’s collapse, including GWG’s defaulting on $13.6 million in payments to bondholders.

 
 

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FINRA Bars Former Ameriprise Advisor Who “Falsified” Client Event Expenses

Posted on May 2nd, 2022 at 2:36 PM
FINRA Bars Former Ameriprise Advisor Who “Falsified” Client Event Expenses

The Financial Industry Regulatory Authority (FINRA) has barred a former Ameriprise advisor who allegedly falsified $25,000 in reimbursement requests submitted to the firm for client events that she sponsored through wholesaler contributions.

 
 
 

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FINRA Bars Massachusetts Advisor For Failing to Cooperate With Regulator’s Investigation

Posted on April 29th, 2022 at 1:34 PM
FINRA Bars Massachusetts Advisor For Failing to Cooperate With Regulator’s Investigation

The Financial Industry Regulatory Authority (FINRA) has barred a former advisor, Philip Riposo, for failing to cooperate with the regulator’s investigation. 

 
 

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Arbitrators Clear Former Merrill Advisor Of Former Partner’s Misconduct

Posted on April 28th, 2022 at 1:23 PM
Arbitrators Clear Former Merrill Advisor Of Former Partner’s Misconduct

A former Kentucky-based Merrill advisor will have his record cleared of an investor complaint pertaining to the conduct of his former partner who was convicted of theft, according to a Financial Industry Regulatory Authority (FINRA) arbitration award.

 
 

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SEC Accuses Former Morgan Stanley Advisor of Conducting a Ponzi Scheme

Posted on April 27th, 2022 at 1:05 PM
SEC Accuses Former Morgan Stanley Advisor of Conducting a Ponzi Scheme

The Securities and Exchange Commission (SEC) has accused a former Morgan Stanley advisor of using client funds to cover personal expenses including a Tesla vehicle, credit card bills and cash transfers.

 
 

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Former UBS Advisor Pleads Guilty to Spending Client Funds on Girlfriends’ Gifts

Posted on April 26th, 2022 at 11:49 AM
Former UBS Advisor Pleads Guilty to Spending Client Funds on Girlfriends’ Gifts

A former UBS advisor has pleaded guilty to misappropriating $5.8 million in client funds primarily to cover gifts for girlfriends, according to the Securities and Exchange Commission (SEC).

 
 

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SEC Obtains TRO and Asset Freeze Against Alleged Perpetrators of $450 Million Ponzi Scheme

Posted on April 25th, 2022 at 12:21 PM
SEC Obtains TRO and Asset Freeze Against Alleged Perpetrators of $450 Million Ponzi Scheme

The Securities and Exchange Commission (SEC) has charged and obtained an asset freeze against numerous Las Vegas-based individuals and entities for allegedly operating a $450 million Ponzi scheme involving purported personal injury settlements.

 
 

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Unregistered Advisors Perpetrate Scheme While Concealing Disciplinary Histories

Posted on April 22nd, 2022 at 1:48 PM
Unregistered Advisors Perpetrate Scheme While Concealing Disciplinary Histories

The Securities and Exchange Commission (SEC) has filed suit against two unregistered advisors for hiding their disciplinary records from investors while engaging in a scheme that generated at least $9 million.

 
 

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GWG Holdings Announces Chapter 11 Bankruptcy

Posted on April 21st, 2022 at 12:10 PM
GWG Holdings Announces Chapter 11 Bankruptcy

GWG Holdings has filed for Chapter 11 bankruptcy. Its woes have included failing to submit its 2021 yearly report to the SEC in April because the firm has yet to employ a new auditor.

 
 

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