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Tagged with "eccleston"

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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Top Merrill Advisor Resigns Amid Customer Complaints

Posted on May 22nd, 2023 at 1:09 PM
Top Merrill Advisor Resigns Amid Customer Complaints

William King, a top-ranked advisor, voluntarily resigned last month after receiving at least ten customer complaints since August.

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