Tagged with "eccleston"

Commonwealth Financial and Former Edward Jones Advisors Ordered to Pay $3.5 Million in Arbitration Award

Posted on April 9th, 2025 at 10:08 AM
Commonwealth Financial and Former Edward Jones Advisors Ordered to Pay $3.5 Million in Arbitration Award

An arbitration panel has ordered independent broker-dealer Commonwealth Financial and a group of advisors formerly with Edward D. Jones & Co. to pay $3.5 million following a legal dispute over their departure, according to an arbitration award.

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CFP Board Seeks Public Input on Changes to Certification Rules

Posted on April 8th, 2025 at 9:21 AM
CFP Board Seeks Public Input on Changes to Certification Rules

The CFP Board is requesting public comment on proposed revisions to its procedural rules regarding certification eligibility for candidates with a single bankruptcy or multiple misdemeanor convictions related to alcohol or drug offenses.

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CFTC Unveils New Guidelines to Reward Cooperation and Self-Reporting in Enforcement Actions

Posted on April 7th, 2025 at 2:07 PM
CFTC Unveils New Guidelines to Reward Cooperation and Self-Reporting in Enforcement Actions

The U.S. Commodity Futures Trading Commission (CFTC) has issued a new advisory that formalizes how it will evaluate cooperation and self-reporting when determining penalties in enforcement matters. According to InvestmentNews, acting Chairman Caroline Pham announced the move as part of a broader shift in the agency’s enforcement posture, aimed at incentivizing faster case resolution and more reasonable penalties.

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LPL Financial Experiences Trading System Outage Amid Market Volatility

Posted on April 4th, 2025 at 11:49 AM
LPL Financial Experiences Trading System Outage Amid Market Volatility

LPL Financial, the largest independent broker-dealer in the U.S., experienced widespread system outages on April 3rd, preventing advisors from executing trades for hours.

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FINRA Seeks Public Input on Rule Modernization

Posted on April 3rd, 2025 at 2:26 PM
FINRA Seeks Public Input on Rule Modernization

The Financial Industry Regulatory Authority (FINRA) is conducting a comprehensive review of its rules and is soliciting feedback from industry participants. According to ThinkAdvisor, the review aims to modernize regulations, particularly concerning remote work and branch office requirements.

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Bybit Suffers Massive $1.5 Billion Crypto Hack Amid Security Concerns

Posted on April 2nd, 2025 at 3:04 PM
Bybit Suffers Massive $1.5 Billion Crypto Hack Amid Security Concerns

Bybit, a major cryptocurrency exchange, has fallen victim to a devastating security breach, resulting in the theft of approximately $1.5 billion in Ethereum.

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CFP Board Releases AI Ethics Guide for Its Certificants

Posted on April 1st, 2025 at 3:43 PM
CFP Board Releases AI Ethics Guide for Its Certificants

The CFP Board has released a "Generative AI Ethics Guide" to address the growing use of artificial intelligence in financial advising.

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Margin Debt Hits Record Highs

Posted on March 31st, 2025 at 12:24 PM
Margin Debt Hits Record Highs

Investors' use of margin trading has surged to unprecedented levels, with debit balances in margin accounts reaching a record $937 billion as of January 2025, according to FINRA.

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FINRA Arbitration Orders Stifel to Pay $133 Million Over Broker's Structured Note Strategy

Posted on March 28th, 2025 at 12:11 PM
FINRA Arbitration Orders Stifel to Pay $133 Million Over Broker's Structured Note Strategy

A FINRA arbitration panel has ordered Stifel Financial’s retail broker-dealer to pay nearly $133 million in damages related to a structured note investment strategy promoted by Miami-based broker Chuck A. Roberts.

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FINRA Fines Robinhood $26 Million for Compliance Failures

Posted on March 27th, 2025 at 11:21 AM
FINRA Fines Robinhood $26 Million for Compliance Failures

According to Barron’s, FINRA has fined Robinhood Financial and Robinhood Securities $26 million for multiple rule violations, including failures in anti-money laundering compliance, inadequate supervision of trading technology, and misleading customer communications.

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If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.

LATEST NEWS AND ARTICLES

May 9, 2025
FINRA Suspends Former Wells Fargo Advisor Over Unauthorized Transfer in Elderly Client's Account

FINRA has fined and suspended former Wells Fargo financial advisor Jarrett Thomas after he executed a $50,000 transaction for an elderly client despite being informed that she was no longer capable of managing her finances.

May 8, 2025
All 50 States Now Aligned on Annuity Sales Standards

The annuity industry officially has secured uniformity in sales regulations across all 50 states.

May 7, 2025
Jury Finds Investment Advisor Liable for Failing to Disclose Annuity Commissions

A federal jury in Massachusetts has found investment adviser Jeffrey Cutter and his firm, Cutter Financial Group, liable for violating federal securities law by failing to disclose significant upfront commissions and conflicts of interest related to an annuity replacement scheme.