Tagged with "Financial Advisor"

Financial Advisor Charged with Murder

Posted on November 23rd, 2020 at 9:23 AM
Financial Advisor Charged with Murder

Keith T. Ashley, a financial advisor who was already under an FBI investigation for an alleged Ponzi scheme, has been charged with murder.

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FINRA Suspends Former SagePoint Financial Advisor

Posted on October 28th, 2020 at 3:16 PM
FINRA Suspends Former SagePoint Financial Advisor

Former SagePoint Financial advisor, Troy R. Baily, agreed to pay a $5,000 fine and serve a six-month suspension from association with any FINRA member firm in any capacity.

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Class Action Lawsuit against Wells Fargo Will Proceed

Posted on April 23rd, 2020 at 4:54 PM
Class Action Lawsuit against Wells Fargo Will Proceed

In a class action lawsuit filed against Wells Fargo for its role in an alleged Ponzi scheme, a judge ruled that Plaintiffs had alleged sufficient facts to support two of their claims.  Plaintiff’s claims that Wells Fargo aided and abetted fraud and also aided and abetted a breach of fiduciary duty will be allowed to proceed.  A third claim alleging negligence by Wells Fargo was dismissed.

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Disruptions Caused by Coronavirus Create Opportunities for Financial Advisors Considering a Transition

Posted on April 10th, 2020 at 2:53 PM
Disruptions Caused by Coronavirus Create Opportunities for Financial Advisors  Considering a Transition

Financial advisors considering a transition may have put those plans on hold given the unprecedented disruption and market volatility caused by COVID-19.  However, as Ryan Shanks discussed in a recent article for ThinkAdvisor, there may be some benefits for advisors who continue forward on their transition plans.

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FINRA Panel Denies Former Advisor Opportunity to Defend Himself

Posted on January 13th, 2020 at 2:29 PM
FINRA Panel Denies Former Advisor Opportunity to Defend Himself

A Financial Industry Regulatory Authority Inc. ("FINRA") arbitration panel recently concluded an arbitration case involving a former Raymond James advisor with a promissory note balance. The case is unique because the arbitrators denied the rep an opportunity to present testimony, witnesses or evidence, as a sanction for failing to file his answer in a timely manner.

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SEC Charged North-Carolina’s Financial Adviser with Defrauding Clients by Overcharging Advisory Fees

Posted on June 11th, 2019 at 5:34 PM
SEC Charged North-Carolina’s Financial Adviser with Defrauding Clients by Overcharging Advisory Fees

The Securities and Exchange Commission (“SEC”) charged a North Carolina financial adviser Stephen Brandon Anderson with defrauding his clients by overcharging asset-based advisory fees by at least $367,000 over two years. Mr. Anderson owned and operated River Source Wealth Management in Waynesville, N.C., between November 2010 and March 2017.

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FINRA Fines New Jersey-Based Broker-Dealer, Buckman, Buckman & Reid For Failing to Reasonably Supervise Two Former Financial Advisors

Posted on May 1st, 2019 at 4:28 PM
FINRA Fines New Jersey-Based Broker-Dealer, Buckman, Buckman & Reid For Failing to Reasonably Supervise Two Former Financial Advisors

FINRA has ordered New Jersey-based broker-dealer Buckman, Buckman & Reid Inc. (BBR) to pay approximately $205,000 in restitution to seven customers for failing to reasonably supervise two former financial advisors who recommended excessive and unsuitable trades to their customers.

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Edward Jones Files Temporary Restraining Order Against Terminated Nebraska Financial Advisor

Posted on April 30th, 2019 at 4:50 PM
Edward Jones Files Temporary Restraining Order Against Terminated Nebraska Financial Advisor

Edward D. Jones & Co. has filed a temporary restraining order (TRO) in the U.S. District Court in Omaha to prevent a Nebraska financial advisor from communicating with clients whose account and contact information he allegedly printed out a day before he was terminated by the firm.

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Wells Fargo Enhances “Sunsetting” Program in an Effort to Maintain Customer Assets and Advisors

Posted on March 12th, 2019 at 9:46 AM
Wells Fargo Enhances “Sunsetting” Program in an Effort to Maintain Customer Assets and Advisors

Wells Fargo Advisors has announced that starting April 1st, the firm will provide incentives to young advisors to help them buy books of business from retiring colleagues under its new “Summit” program. As one incentive, Wells Fargo Advisors will offer financing in the amount of 100% of a retiring colleague’s T-12 revenue.

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Wells Fargo Recruits First Adviser to Join Its RIA Channel

Posted on January 17th, 2019 at 9:46 AM
Wells Fargo Recruits First Adviser to Join Its RIA Channel

According to Wells Fargo Advisors, a Philadelphia-area advisor will be the first Wells Fargo private wealth employee to join the firm’s new registered investment advisor custody business.

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If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.

LATEST NEWS AND ARTICLES

December 9, 2022
FINRA Reminds Firm To Monitor For “Red Flags” In Options Trading Applications

The Financial Industry Regulatory Authority (FINRA) has released an announcement reminding firms that recommend options trading for clients to be constantly monitoring for “red flags” on customer applications.

December 8, 2022
FINRA Orders Morgan Stanley to Pay $697,897 Over Failure to Supervise Nine Advisors

The Financial Industry Regulatory Authority (FINRA) has ordered Morgan Stanley to pay $697,897, including a $200,000 fine and $497,897 in restitution, for failing to adhere to its own procedures for supervising its advisors’ high-risk recommendations. 

December 7, 2022
FINRA Bars Former Northwestern Mutual Advisor For Allegedly Cheating on CFP Exam

The Financial Industry Regulatory Authority (FINRA) has barred a former Northwestern Mutual advisor after he failed to cooperate with the regulator’s probe into the Certified Financial Planner Board of Standards’ (CFP Board’s) decision to bar the advisor for alleged “exam misconduct.”