Tagged with "James Eccleston"

FINRA Proposes Rule Governing Registered Reps Holding Positions of Trust

Posted on July 31st, 2020 at 9:12 AM
FINRA Proposes Rule Governing Registered Reps Holding Positions of Trust

FINRA has proposed a rule change which would limit a registered person’s ability to be named as a customer’s beneficiary or hold a position of trust for a customer. The new rule would be known as FINRA Rule 3241.

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CFP Board Compares its Duty of Care to the SEC’s Reg B-I

Posted on July 30th, 2020 at 3:40 PM
CFP Board Compares its Duty of Care to the SEC’s Reg B-I

This is the second of several posts discussing the similarities and differences of the SEC’s recently-implemented Regulation Best Interest (“Reg. B-I”) and the CFP Board’s Code of Ethics and Standards of Conduct. Previously, we discussed the difference in the standard of conduct required by the CFP Board code and Reg B-I. In this post, we will look at the duty of care required by the CFP Board and Reg B-I.

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UBS Agrees to Pay $10 Million to Settle SEC Charges

Posted on July 27th, 2020 at 4:23 PM
UBS Agrees to Pay $10 Million to Settle SEC Charges

UBS Financial Services Inc. has agreed to pay $10 million to settle charges brought by the U.S. Securities and Exchange Commission (‘SEC”) that UBS circumvented the priority given to retail investors for certain municipal bond offerings.

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Citadel Securities Fined by FINRA

Posted on July 27th, 2020 at 3:50 PM
Citadel Securities Fined by FINRA

Citadel Securities agreed to pay a $700,000 fine as well as an unspecified amount of restitution to settle alleged violations with FINRA Enforcement. According to FINRA Enforcement, Citadel traded ahead of certain inactive over-the-counter customer (“OTC”) orders, failed to consistently apply its written methodology to certain OTC customer orders, failed to display certain OTC customer limit orders and also had related supervisory failures.

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CFP Board Compares its Standard of Conduct to the SEC’s Reg B-I

Posted on July 23rd, 2020 at 4:06 PM
CFP Board Compares its Standard of Conduct to the SEC’s Reg B-I

This is the first of several posts discussing the similarities and differences of the SEC’s Regulation Best Interest and the CFP Board’s Code of Ethics and Standards of Conduct.

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Former Morgan Stanley Advisor Pleads Guilty to Fraud

Posted on July 22nd, 2020 at 4:05 PM
Former Morgan Stanley Advisor Pleads Guilty to Fraud

Michael Barry Carter, a former advisor at Morgan Stanley, pleaded guilty to federal charges of wire fraud and investment advisor fraud.  According to the United States Department of Justice (“DOJ”), Carter stole more than $6 million over a period of almost 12 years.  The DOJ said that most of Carter’s victims were senior investors.

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CFP Board Enforcement Process: Petition for Fitness Determination

Posted on July 21st, 2020 at 3:36 PM
CFP Board Enforcement Process: Petition for Fitness Determination

This is the fifth of several posts detailing the CFP Board enforcement process.  This post will focus on the rules regarding a Petition for Fitness Determination.

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David Hu Arrested and Charged with Running a Ponzi Scheme

Posted on July 20th, 2020 at 3:16 PM
David Hu Arrested and Charged with Running a Ponzi Scheme

Co-founder and managing partner of International Investment Group, David Hu, was arrested and charged with running Ponzi scheme of more than $100 million. Federal authorities accused Hu of overvaluing loans and covering up the scheme with falsified documents and fake entities. According to federal authorities, the scheme has gone on for more than 10 years.  

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SEC Forms Coronavirus Committee to Combat Fraud

Posted on July 17th, 2020 at 11:21 AM
SEC Forms Coronavirus Committee to Combat Fraud

The Enforcement Division of the U.S. Securities and Exchange Commission is well aware that national emergencies often lead to increases in fraudulent activity. Speaking at the Securities Enforcement Forum West 2020 conference, SEC Enforcement Division CEO Steven Peikin said that the SEC is drawing on experience gained during previous emergencies, including the financial crisis in 2007-08 and the terror attacked on September 11, 2001, to combat COVID-19 related scams. 

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Wawa to Pay $21.6 Million to Settle ESOP Lawsuit

Posted on July 15th, 2020 at 3:35 PM
Wawa to Pay $21.6 Million to Settle ESOP Lawsuit

Convenience store chain Wawa has agreed to pay $21.6 million to settle a 2018 class-action lawsuit regarding the company’s employee stock option plan (“ESOP”).  The settlement is still pending court approval. Wawa previously paid $25 million to settle a class-action lawsuit in 2016 that involved similar allegations relating to Wawa’s ESOP.

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LATEST NEWS AND ARTICLES

October 27, 2021
Former LPL Advisor Suspended For Completing 22 Trades Absent Client Consent

The Financial Industry Regulatory Authority (FINRA) has suspended and fined a former LPL advisor who allegedly completed 22 trades on behalf of a client without obtaining written consent. FINRA has issued a $5,000 fine and has suspended Michael Hartlett for 10 days.

October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.