Tagged with "eccleston"

SEC Files Fraud Charges Against Financial Advisor for Exploiting Elderly Clients

Posted on June 7th, 2023 at 1:17 PM
SEC Files Fraud Charges Against Financial Advisor for Exploiting Elderly Clients

The Securities and Exchange Commission (SEC) has charged Douglas McKelvey, a former Morgan Stanley financial advisor, with fraud for misappropriating more than $1.7 million from two elderly customers who were his close relatives.

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Morgan Stanley Ordered to Pay Huntington Bank's Brokerage Unit

Posted on June 5th, 2023 at 9:07 AM
Morgan Stanley Ordered to Pay Huntington Bank's Brokerage Unit

Morgan Stanley, along with two advisors, has been found jointly responsible for $333,000 in damages and legal fees by an arbitration panel of the Financial Industry Regulatory Authority (FINRA).

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Former Morgan Stanley Advisor Sentenced To 7.25 Years For Fraud

Posted on June 2nd, 2023 at 1:26 PM
Former Morgan Stanley Advisor Sentenced To 7.25 Years For Fraud

Shawn E. Good pleaded guilty in September to wire fraud and money laundering charges based on allegations that he had operated a decade-long Ponzi scheme from 2012 to 2022. 

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Morgan Stanley Ordered to Pay Huntington Bank's Brokerage Unit

Posted on June 1st, 2023 at 1:15 PM
Morgan Stanley Ordered to Pay Huntington Bank's Brokerage Unit

Morgan Stanley, along with two advisors, has been found jointly responsible for $333,000 in damages and legal fees by an arbitration panel of the Financial Industry Regulatory Authority (FINRA).

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MLB Pitcher Turned Financial Advisor Barred By FINRA

Posted on May 31st, 2023 at 3:30 PM
MLB Pitcher Turned Financial Advisor Barred By FINRA

Christopher J. Carpenter, a former Major League Baseball player, has been barred by the Financial Industry Regulatory Authority (FINRA) for his refusal to supply information to FINRA as part of an investigation.

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Compliance Professionals Emphasize the Significance of SEC Reg BI Bulletins in Examinations

Posted on May 30th, 2023 at 3:03 PM
Compliance Professionals Emphasize the Significance of SEC Reg BI Bulletins in Examinations

Securities and Exchange Commission (SEC) top compliance officials recently announced that the Regulation Best Interest (Reg BI) bulletins will be used in future exams.

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Wells Fargo Advisor Sanctioned Due to Role as Customer Account Beneficiary

Posted on May 26th, 2023 at 2:14 PM
Wells Fargo Advisor Sanctioned Due to Role as Customer Account Beneficiary

The Financial Industry Regulatory Authority (FINRA) has imposed a suspension and a $5,000 fine on Mark A. Brewer, a Wells Fargo Advisor, for acting as a beneficiary on a customer account.

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Fidelity Ordered To Pay Options Trader $4 Million

Posted on May 25th, 2023 at 1:15 PM
Fidelity Ordered To Pay Options Trader $4 Million

Financial Industry Regulatory Authority (FINRA) arbitrators have recently ruled in favor of an options trader, ordering Fidelity Brokerage Services to pay nearly $4 million in damages. This decision stems from allegations of mishandling transactions in a margin account, resulting in significant losses for the trader.

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FINRA Focuses On Dual Registrant Hybrid Brokers and Investment Advisors

Posted on May 24th, 2023 at 1:37 PM
FINRA Focuses On Dual Registrant Hybrid Brokers and Investment Advisors

The Financial Industry Regulatory Authority (FINRA) has recently intensified its enforcement efforts to address a concerning issue related to hybrid brokers and investment advisors exploiting their dual status to maximize customer fees and commissions.

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CFP Board Adopts Revised Procedural Rules

Posted on May 23rd, 2023 at 1:12 PM
CFP Board Adopts Revised Procedural Rules

The Certified Financial Planner Board (CFP Board) recently announced the adoption of the revised Procedural Rules. These rules, which will come into effect on September 1, 2023, aim to establish fair and credible processes for investigating misconduct and enforcing the CFP Board's Code of Ethics and Standards of Conduct.

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If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

January 15, 2026
FINRA Flags Risks of Early Withdrawals and Exchanges in Registered Index-Linked Annuities

The Financial Industry Regulatory Authority (FINRA) has issued a renewed warning to the industry about the risks consumers face when they exit registered index-linked annuities (RILAs) before the end of the contract term.

January 14, 2026
FINRA Fines and Suspends Wells Fargo Advisor Over Fictitious Expense Claims

The Financial Industry Regulatory Authority (FINRA) fined and suspended a Wells Fargo Advisors representative in Waco, Texas, after finding that he submitted fictitious business expense claims, according to a FINRA Acceptance, Waiver and Consent (AWC) letter.

January 12, 2026
Florida Man Indicted in $36 Million Investment Fraud Scheme

According to news sources, federal prosecutors allege that a Florida man orchestrated a multimillion-dollar Ponzi scheme that funded a luxury lifestyle built on stolen investor money, according to the U.S. Department of Justice.