Tagged with "eccleston"

UBS Settles FINRA Claims Over Supervision of Short-Term Preferred Stock Trades

Posted on January 31st, 2025 at 2:21 PM
UBS Settles FINRA Claims Over Supervision of Short-Term Preferred Stock Trades

According to AdvisorHub, UBS Wealth Management USA’s broker-dealer has agreed to pay $3.5 million in sanctions over allegations of supervisory failures related to short-term trading of syndicate preferred stock.

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Wells Fargo Loses Bid for TRO Against Fired Illinois Broker

Posted on January 31st, 2025 at 10:16 AM
Wells Fargo Loses Bid for TRO Against Fired Illinois Broker

A federal judge has denied Wells Fargo Advisor’s request for a temporary restraining order against a Schaumburg, Illinois-based broker it fired in November, according to a court filing on Wednesday.

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Two Sigma Settles SEC Charges for Investment Model Failures and Whistleblower Rule Violations

Posted on January 30th, 2025 at 4:18 PM
Two Sigma Settles SEC Charges for Investment Model Failures and Whistleblower Rule Violations

According to SEC.gov, the Securities and Exchange Commission (SEC) recently announced that Two Sigma Investments LP and Two Sigma Advisers LP (collectively, Two Sigma) agreed to settle charges of breaching fiduciary duties, compliance failures, and violations of the SEC’s whistleblower protection rule.

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Robinhood to Pay $45 Million for Multiple Securities Law Violations

Posted on January 29th, 2025 at 11:27 AM
Robinhood to Pay $45 Million for Multiple Securities Law Violations

Robinhood Securities LLC and Robinhood Financial LLC have agreed to pay $45 million to resolve allegations of widespread securities law violations. According to InvestmentNews, the settlement follows an SEC investigation that uncovered ten distinct regulatory failures spanning several years.

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Former Financial Advisor Sentenced to Prison for $2.5 Million Investment Fraud Scheme

Posted on January 28th, 2025 at 9:00 AM
Former Financial Advisor Sentenced to Prison for $2.5 Million Investment Fraud Scheme

According to InvestmentNews, a former financial advisor from Wisconsin, David Braeger, has been sentenced to 24 months in federal prison for an investment fraud scheme that caused over $2.5 million in losses.

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Gemini Settles $5 Million Case With CFTC Over Misleading Statements

Posted on January 27th, 2025 at 11:06 AM
Gemini Settles $5 Million Case With CFTC Over Misleading Statements

Crypto exchange Gemini has agreed to pay $5 million to settle allegations by the U.S. Commodity Futures Trading Commission (CFTC) that it made misleading statements about bitcoin futures contracts in 2017.

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Fidelity to Shift Independent Advisor Cash to Lower-Yielding FCash Amount in 2025

Posted on January 24th, 2025 at 2:00 PM
Fidelity to Shift Independent Advisor Cash to Lower-Yielding FCash Amount in 2025

Fidelity Investments plans to redirect cash balances in non-retirement brokerage accounts managed by independent financial advisors to its in-house sweep account, FCash, starting in 2025.

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Barred Advisor Continues Pattern of Settlements at Western International Securities

Posted on January 23rd, 2025 at 12:18 PM
Barred Advisor Continues Pattern of Settlements at Western International Securities

Chris Kennedy, a barred advisor formerly associated with Western International Securities, has agreed to a $2.1 million settlement with the Securities and Exchange Commission (SEC) over allegations of high-volume trading, or churning, in client accounts.

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FINRA to Revise Outside Business Activities Rules

Posted on January 22nd, 2025 at 10:46 AM
FINRA to Revise Outside Business Activities Rules

The Financial Industry Regulatory Authority (FINRA) is seeking to overhaul its rules on outside business activities (OBA) and private securities transactions.

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FINRA Orders $8.2 Million in Customer Restitution Over Mutual Fund Fee Errors

Posted on January 21st, 2025 at 3:17 PM
FINRA Orders $8.2 Million in Customer Restitution Over Mutual Fund Fee Errors

FINRA has required Edward Jones, Osaic Wealth, and Cambridge Investment Research to reimburse customers a combined total of more than $8.2 million for improperly charged mutual fund sales fees.

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LATEST NEWS AND ARTICLES

July 11, 2025
FINRA Advances Proposal to Allow Limited Use of Performance Projections

The Financial Industry Regulatory Authority (“FINRA”) is moving forward with a proposal that would give broker-dealers limited ability to market performance projections and targeted returns under specific conditions.

July 10, 2025
SEC Permanently Bars Brite Advisors USA Over Custody Rule Violations and Undisclosed Conflicts

The SEC has permanently barred Brite Advisors USA from operating as an investment adviser, citing serious custody rule violations and undisclosed conflicts of interest tied to its offshore affiliate, as reported by Financial Advisor News.

July 9, 2025
UBS Confirms Data Breach After Cyberattack on External Vendor

UBS Group AG has confirmed that a cyberattack on one of its third-party suppliers resulted in stolen company information, though no client data was compromised.