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Tagged with "eccleston"

LPL Financial Agrees to $6 Million Settlement with FINRA Over Regulation Best Interest Lapses

Posted on March 1st, 2024 at 11:34 AM
LPL Financial Agrees to $6 Million Settlement with FINRA Over Regulation Best Interest Lapses

LPL Financial has agreed to pay over $6 million to settle charges by FINRA, alleging violations of Regulation Best Interest in recommending trades involving certain listed business development companies.

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Former Wells Fargo Advisor Suspended by FINRA for Unreported Brokerage Account

Posted on February 28th, 2024 at 4:11 PM
Former Wells Fargo Advisor Suspended by FINRA for Unreported Brokerage Account

A former Wells Fargo advisor, Robert J. DeHayes, faced fines and suspension from the Financial Industry Regulatory Authority (FINRA) for maintaining an undisclosed outside brokerage account in his wife's name.

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Attorney Eccleston Quoted in Financial Advisor IQ Article

Posted on February 28th, 2024 at 3:15 PM
Attorney Eccleston Quoted in Financial Advisor IQ Article

Jim Eccleston was recently quoted in a Financial Advisor IQ article concerning an ex-Hightower advisor suing to escape covenants.

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Edward Jones Advisor Faces Suspension and Fine for Concealing Office Ownership

Posted on February 27th, 2024 at 1:13 PM
Edward Jones Advisor Faces Suspension and Fine for Concealing Office Ownership

Lincoln L. Mason has agreed to a 90-day suspension and a $5,000 fine following allegations of deceiving the firm into leasing office space he owned.

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SEC Bars Florida Man in $35 Million Ponzi Scheme

Posted on February 26th, 2024 at 1:39 PM
SEC Bars Florida Man in $35 Million Ponzi Scheme

Brent Seaman of Naples, Florida, has accepted a settlement in an SEC civil action, admitting to acting as an unregistered broker or dealer in the sale of securities for Accanito Equity, LLC, Accanito Equity II, LLC, Accanito Equity III, LLC, and Accanito Equity IV, LLC, from June 2019 to September 2022.

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Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

Posted on February 23rd, 2024 at 1:23 PM
Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

John A. Dougherty, a veteran advisor with 23 years of experience, agreed to an AWC (Acceptance, Waiver, and Consent) after refusing to cooperate with a regulatory investigation into allegations of undisclosed outside business activities.

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Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

Posted on February 22nd, 2024 at 1:42 PM
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

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SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

Posted on February 21st, 2024 at 2:59 PM
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.

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Challenges Persist: Firms Struggle to Comply with Regulation Best Interest

Posted on February 20th, 2024 at 1:26 PM
Challenges Persist: Firms Struggle to Comply with Regulation Best Interest

FINRA's annual report for 2024 reveals a concerning trend among broker-dealers, with numerous instances of violations of Regulation Best Interest (Reg BI).

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FINRA Flags Violations in 70% of Broker-Dealers' Crypto Communications

Posted on February 19th, 2024 at 1:54 PM

During a two-year-old targeted examination, the Financial Industry Regulatory Authority (FINRA) has identified potential violations in 70 percent of broker-dealers' communications about cryptocurrencies.

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SEC Fines Former LPL Broker $125,000 for Undisclosed Conflicts in Private Securities Offerings

The Securities and Exchange Commission (SEC) has censured a former LPL Financial broker and imposed a $125,000 civil penalty after finding that he failed to disclose conflicts of interest related to private real estate securities offerings that generated nearly $1.5 million in compensation, as reported by AdvisorHub.