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Tagged with "eccleston"

Morgan Stanley Advisor Wins Expungement Under FINRA's Stricter Rules

Posted on March 5th, 2025 at 1:42 PM
Morgan Stanley Advisor Wins Expungement Under FINRA's Stricter Rules

A FINRA arbitration panel granted a financial advisor’s request to expunge a 2022 customer complaint from her record, marking another test of FINRA’s stricter expungement rules.

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Federal Judge Strikes Down Hightower's Non-Compete Agreement in California

Posted on March 4th, 2025 at 10:51 AM
Federal Judge Strikes Down Hightower's Non-Compete Agreement in California

A federal judge in Wilmington, Delaware, ruled against Hightower Advisors in its effort to enforce non-compete agreements against a former advisor in California who sold his firm to Hightower.

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UBS Warns of Increased Advisor Departures Following Compensation Overhaul

Posted on March 3rd, 2025 at 2:19 PM
UBS Warns of Increased Advisor Departures Following Compensation Overhaul

UBS Group AG executives cautioned that the firm may see a rise in advisor departures this year due to changes in its 2025 compensation plan.

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SEC Sanctions One Oak Capital and Advisor for Improper Conversions to Fee Based Accounts

Posted on February 28th, 2025 at 1:42 PM
SEC Sanctions One Oak Capital and Advisor for Improper Conversions to Fee Based Accounts

The Securities and Exchange Commission (SEC) has penalized a New York-based registered investment adviser and its veteran adviser for converting brokerage accounts into advisory accounts that resulted in significantly higher fees without providing additional services.

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Arbitration Panel Orders Morgan Stanley to Pay $843,000 for Failing to Protect Elderly Client from Fraud

Posted on February 27th, 2025 at 2:35 PM
Arbitration Panel Orders Morgan Stanley to Pay $843,000 for Failing to Protect Elderly Client from Fraud

A FINRA arbitration panel has ordered Morgan Stanley to pay $843,000 in compensatory damages to a senior client residing in Florida for failing to protect her from financial fraud. As reported by ThinkAdvisor, the panel found the firm liable for negligence in a case that highlighted the growing risk of elder financial exploitation.

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Sharp Drop in FINRA Expungement Requests as New Rules Take Effect

Posted on February 26th, 2025 at 11:05 AM
Sharp Drop in FINRA Expungement Requests as New Rules Take Effect

The number of brokers seeking to expunge customer complaints and other disclosures from their public records through FINRA’s arbitration forum has plunged 79 percent over the past year.

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FINRA Highlights Risks of Investing Home Equity Loan Proceeds

Posted on February 25th, 2025 at 11:20 AM
FINRA Highlights Risks of Investing Home Equity Loan Proceeds

FINRA issued a reminder to financial advisors to carefully consider customers’ time horizons and risk tolerance, particularly when recommending investments using funds from a home equity loan, as reported by AdvisorHub. 

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Wells Fargo to Strengthen Financial Crimes Risk Management Amid Regulatory Agreement

Posted on February 24th, 2025 at 11:55 AM
Wells Fargo to Strengthen Financial Crimes Risk Management Amid Regulatory Agreement

Wells Fargo has agreed with U.S. banking regulators to enhance its financial crime risk management practices, including tightening controls over suspicious activity and money laundering.

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Financial Advisor Accepts Suspension and Fine for Misrepresenting Continuing Education Compliance

Posted on February 21st, 2025 at 1:28 PM
Financial Advisor Accepts Suspension and Fine for Misrepresenting Continuing Education Compliance

A financial advisor affiliated with Equity Services Inc. (ESI) has agreed to a one-month suspension and a $5,000 fine after the Financial Industry Regulatory Authority (FINRA) found that someone else completed his required continuing education (CE) for a state insurance license renewal.

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Vanguard Settles SEC Allegations Over Misleading Statements on Tax Implications

Posted on February 20th, 2025 at 4:31 PM
Vanguard Settles SEC Allegations Over Misleading Statements on Tax Implications

Vanguard Group has agreed to pay over $106 million to settle allegations by the U.S. Securities and Exchange Commission (SEC) that it misled retail investors regarding capital gains distributions and tax liabilities associated with its popular target-date retirement funds.

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