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Tagged with "eccleston"

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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Wells Fargo Pays $1 Billion to Settle Class-Action Lawsuit

Posted on May 19th, 2023 at 1:13 PM
Wells Fargo Pays $1 Billion to Settle Class-Action Lawsuit

Wells Fargo has agreed to pay $1 billion to settle a shareholder lawsuit that accused the company of making misleading statements related to its compliance with federal consent orders following the unauthorized customer account scandal in 2016.

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Federal Prosecutors Charge Hedge Fund Manager For Ponzi Scheme

Posted on May 18th, 2023 at 1:11 PM
Federal Prosecutors Charge Hedge Fund Manager For Ponzi Scheme

A former Chicago-based commodities trader, Phillip Galles, has been charged with a single count of wire fraud for allegedly misappropriating $2 million after informing clients that the funds would be invested in commodity futures. 

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FINRA Expels SW Financial and Suspends Chief Executive Officer For Reg BI Violations

Posted on May 17th, 2023 at 1:17 PM
FINRA Expels SW Financial and Suspends Chief Executive Officer For Reg BI Violations

The Financial Industry Regulatory Authority (FINRA) has sanctioned a New York-based financial advisory firm, SW Financial, and its Chief Executive Officer for multiple violations of Regulation Best Interest (Reg BI).

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Financial Advisory Firms Seek to Prevent “Disharmony” on Large Teams

Posted on May 16th, 2023 at 1:26 PM
Financial Advisory Firms Seek to Prevent “Disharmony” on Large Teams

Financial advisory firms and company executives continue to promote organizing as a team, which supposedly creates an improved service model for clients.

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Federal Judge Reaffirms Injunctions Against Advisors Who Departed USI for Lockton

Posted on May 15th, 2023 at 11:48 AM
Federal Judge Reaffirms Injunctions Against Advisors Who Departed USI for Lockton

A federal judge has upheld and expanded an injunction against several former USI financial advisors who departed for Lockton.

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TESTIMONIALS

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I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

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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.