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Tagged with "eccleston"

FINRA Takes Action Against Former Cambridge Advisor for Annuity Exchange Violations

Posted on February 7th, 2024 at 3:10 PM
FINRA Takes Action Against Former Cambridge Advisor for Annuity Exchange Violations

Malay Kumar, a former advisor affiliated with Cambridge Investment Research, recently agreed to settle a disciplinary matter brought by FINRA. The AWC (Acceptance, Waiver, and Consent) reflects a $10,000 fine and a 12-month suspension. The settlement revealed that Kumar recommended a series of variable annuity exchanges that violated Reg BI.

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RIA EverNest Files Lawsuit to Sever Ties with Sanctuary Wealth Following FINRA Fine

Posted on February 6th, 2024 at 10:45 AM
RIA EverNest Files Lawsuit to Sever Ties with Sanctuary Wealth Following FINRA Fine

EverNest Financial Advisors, a Carmel, Indiana-based registered investment adviser, has filed a lawsuit seeking to reverse a deal where it sold a 20 percent stake to Sanctuary Wealth almost two years ago.

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Former Ameriprise Advisor Barred by FINRA for Non-Cooperation in Crypto Business Investigation

Posted on February 5th, 2024 at 1:15 PM
Former Ameriprise Advisor Barred by FINRA for Non-Cooperation in Crypto Business Investigation

A former Ameriprise Financial advisor, Eric V. Kubiak, has chosen an industry bar over full cooperation with a Financial Industry Regulatory Authority (FINRA) investigation into his undisclosed outside business activity involving crypto assets.

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Financial Advisor Sentenced to 8 Years for Defrauding Amish Investors

Posted on February 2nd, 2024 at 2:18 PM
Financial Advisor Sentenced to 8 Years for Defrauding Amish Investors

Earl D. Miller, convicted in 2022 for defrauding Amish and Mennonite investors through his real estate investment firm, "5 Star", has been sentenced to over eight years in prison.

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FINRA Fines and Suspends Merrill Lynch Advisor Over Unauthorized Role as Estate Executor

Posted on February 1st, 2024 at 1:26 PM
FINRA Fines and Suspends Merrill Lynch Advisor Over Unauthorized Role as Estate Executor

Frederick R. Watson, a veteran advisor with 37 years of experience at Merrill Lynch, has been fined $10,000 and suspended for four months by the Financial Industry Regulatory Authority (FINRA).

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SEC Raises Concerns Over Arbitration Clauses in Investment Advisory Agreements

Posted on January 31st, 2024 at 1:17 PM
SEC Raises Concerns Over Arbitration Clauses in Investment Advisory Agreements

A cautionary note has been sounded by an investor advocacy group operating within the Securities and Exchange Commission (SEC), signaling potential fiduciary duty violations by registered investment advisers employing contract clauses to steer client disputes into arbitration.

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Financial Advisors Set to Boost Client Allocations to Alternative Assets in 2024

Posted on January 30th, 2024 at 2:29 PM
Financial Advisors Set to Boost Client Allocations to Alternative Assets in 2024

A recent independent survey conducted by CAIS and Mercer reveals that 62 percent of financial advisors currently allocate between 6 percent and 25 percent of clients' portfolios to alternative asset classes.

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Former JPMorgan Advisor Agrees to Injunction Amid Solicitation Allegations

Posted on January 29th, 2024 at 1:06 PM
Former JPMorgan Advisor Agrees to Injunction Amid Solicitation Allegations

A former JPMorgan advisor sued last week, in connection with his transition to an independent practice with Kestra Private Wealth Services, has agreed to a stipulated injunction prohibiting him from soliciting his former customers.

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JPMorgan Pursues Legal Action Against Advisor Who Moved to Wells Fargo

Posted on January 26th, 2024 at 1:21 PM

JPMorgan Chase & Co. has initiated legal action, seeking a temporary restraining order against former employee Jeffry Neal Carel. 

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SEC Charges Investment Advisor Justin Murphy for $3.4 Million Investor Funds Misappropriation

Posted on January 25th, 2024 at 10:37 AM
SEC Charges Investment Advisor Justin Murphy for $3.4 Million Investor Funds Misappropriation

The Securities and Exchange Commission (SEC) has charged Justin Murphy and his investment management firm, Mara Investments, LLC, for fraudulent misappropriation of approximately $3.4 million of investor assets.

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