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Tagged with "eccleston"

FINRA Struggles to Revise Outside Business Rules

Posted on June 13th, 2024 at 1:31 PM
FINRA Struggles to Revise Outside Business Rules

The Financial Industry Regulatory Authority’s (FINRA) attempt to update its rules on advisors’ outside business activities has stalled, according to Robert Colby, FINRA's chief legal officer.

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Tax Court Denies Madoff Victims $8.2 Million Deduction

Posted on June 12th, 2024 at 2:46 PM
Tax Court Denies Madoff Victims $8.2 Million Deduction

Victims of Bernie Madoff's Ponzi scheme, Christopher and Silvana Pascucci, cannot claim an $8.2 million tax deduction for their investment in life insurance premiums.

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Merrill Lynch Fined for Supervisory Failures

Posted on June 11th, 2024 at 11:17 AM
Merrill Lynch Fined for Supervisory Failures

Merrill Lynch has reached an $825,000 settlement with FINRA over allegations of inadequate supervision concerning retail orders and recordkeeping practices dating back to 2017.

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SEC Issues Risk Alert to Broker-Dealers Regarding Examination Criteria

Posted on June 10th, 2024 at 1:27 PM
SEC Issues Risk Alert to Broker-Dealers Regarding Examination Criteria

The Securities and Exchange Commission (SEC) has issued a new Risk Alert, advising broker-dealers that their prior disciplinary history, financial stress indicators, and media reports could make them likely candidates for an examination.

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Oppenheimer & Co. Fined $500,000 by FINRA for Supervisory Lapses

Posted on June 7th, 2024 at 11:27 AM
Oppenheimer & Co. Fined $500,000 by FINRA for Supervisory Lapses

Oppenheimer & Co. has agreed to a $500,000 fine to settle allegations made by FINRA regarding inadequate supervision of certain trades conducted by its advisors directly with fund companies on behalf of customers.

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Regulatory Probes Target Morgan Stanley's Wealth Management Arm

Posted on June 6th, 2024 at 1:20 PM
Regulatory Probes Target Morgan Stanley's Wealth Management Arm

Multiple regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), are conducting investigations into Morgan Stanley's wealth management division, as reported by the Wall Street Journal.

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FINRA Arbitration Awards $100,000 to Investor Over Unsuitable GWG L Bonds

Posted on June 5th, 2024 at 10:57 AM
FINRA Arbitration Awards $100,000 to Investor Over Unsuitable GWG L Bonds

In a recent FINRA arbitration, an investor was awarded close to $100,000 due to unsuitable investments in GWG L bonds purchased in 2018 and 2020.

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SEC Files Charges Against Robert M.Thompson and Financial Freedom Foundation

Posted on June 4th, 2024 at 1:13 PM
SEC Files Charges Against Robert M.Thompson and Financial Freedom Foundation

The U.S. Securities and Exchange Commission (SEC) has taken legal action against Robert M. Thompson and Financial Freedom Foundation (F3 Mastermind), a private entity under his control, for allegedly defrauding investors through three securities offerings.

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Bank Sues Founders of Precedent Wealth

Posted on June 3rd, 2024 at 4:08 PM
Bank Sues Founders of Precedent Wealth

Cadence Bank has filed a lawsuit against the founders of Precedent Wealth, a San Antonio RIA, accusing them of stealing confidential information and trade secrets in an effort to poach clients from their former firm.

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Advisor Ordered to Pay $2.6 Million in Damages for Breaching Asset Purchase Agreement

Posted on May 31st, 2024 at 2:13 PM
Advisor Ordered to Pay $2.6 Million in Damages for Breaching Asset Purchase Agreement

A FINRA arbitration panel has ordered Nicole E. Sennett to pay $2,557,000 in compensatory damages to Monocacy Wealth Partners and its founders, Scott A. Brantingson and his son, Scott M. Brantingson.

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