This is the fourth of several posts detailing the CFP Board enforcement process. This post will focus on what happens in the event a respondent is found to be in default.
Tagged with "James Eccleston"
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CFP Board Enforcement Process: Default; Suspension, Revocation, or Bar
Posted on July 13th, 2020 at 3:52 PM
SEC Bars Advisor for Fraudulent Taylor Swift Charity Investment
Posted on July 10th, 2020 at 3:45 PM
Dain F. Stokes, a former advisor at LPL Financial, has been barred by the U.S. Securities and Exchange Commission (“SEC”) for allegedly soliciting investments in a fraudulent charity which Stokes claimed was associated with popular musician Taylor Swift. The SEC said it also plans to order Stokes to pay restitution and a fine of $20,000. Stokes was also barred by FINRA in September 2019 for allegedly failing to respond to FINRA’s request for information.
SEC Enters Cease and Desist Order Against Potamus Trading and Eric J. Pritchett
Posted on July 9th, 2020 at 3:51 PM
The U.S. Securities and Exchange Commission (“SEC”) issued a cease and desist order against Potamus Trading LLC and its former CEO, Eric J. Pritchett. According to the SEC, Potamus and Pritchett “portrayed the firm as filling its clients’ orders on a principal basis by trading from its own inventory of securities or risking its capital in the market.” However, the SEC said that the firm “filled the vast majority of its clients’ orders by engaging in net trading” and “rarely traded from inventory or risked its capital[.]” The SEC alleged that this conduct took place between September 2013 and March 2017.
James Eccleston Achieves Highest Rating in Both Legal Ability and Ethical Standards for 2020
Posted on July 8th, 2020 at 4:18 PM
James Eccleston achieved the highest rating in both Legal Ability and Ethical Standards from Martindale Hubbell for 2020. This is a reflection of the confidential opinions of members of the Bar and Judiciary.
Merrill Lynch Discharges Veteran Advisors for Training Violations
Posted on July 8th, 2020 at 3:35 PM
Richard A. Hogan and Christopher R. Berry were terminated by Merrill Lynch Wealth Management after the firm discovered that Hogan and Berry failed to personally complete mandatory firm training. Hogan and Berry lead the Arc Group, a five-person team with between $3 and $4 million in annual revenue. Hogan appeared regularly on the Financial Times “Top 400 Financial Advisor” list, as well as Barron’s “Top 1,200 Advisor” list.
Illinois Broker and Investment Firm Agree to Pay $1.1 Million to CFTC
Posted on July 7th, 2020 at 4:15 PM
Illinois broker Mark Miller and his investment firm, Foremost Trading LLC, have agreed to pay $1.1 million to settle claims brought by the Commodity Futures Trading Commission (“CFTC”). The payment consists of $450,000 in fines and $700,000 in restitution. Additionally, Miller is suspended from trading on any CFTC-designated exchange, all other CFTC-registered entities, and all commodity interests for a period of two years.
Temenos Advisory and its CEO Ordered to Pay More Than $2 Million
Posted on July 1st, 2020 at 3:51 PM
Final judgment has been entered against Temenos Advisory Inc. and its former CEO George Taylor, the SEC announced. The SEC had charged Temenos and Taylor with putting investor funds in unsuitable investments and concealing commissions. In total, Temenos and Taylor are ordered to pay more than $2 million. The entry of judgment concludes a case that began with the SEC charging Temenos and Taylor in July 2018.
Two Sarasota-Bradenton Area Men Charged for Alleged Ponzi Scheme
Posted on June 30th, 2020 at 4:11 PM
In connection with an alleged $6.3 million Ponzi scheme, Phillip Roy Wasserman and Kenneth Murry Rossman (collectively, “Defendants”) have been charged by federal prosecutors with mail fraud, wire fraud, and conspiracy to commit wire and mail fraud. Defendants are alleged to have targeted elderly individuals and convinced those individuals to liquidate traditional investments in order to invest in “FastLife,” an insurance venture by Wasserman. Wasserman and Rossman are alleged to have made fraudulent misrepresentations and to have concealed material information when soliciting investments in FastLife.
CFP Board Enforcement Process: Interim Suspensions
Posted on June 29th, 2020 at 3:48 PM
This is the second of several posts detailing the CFP Board enforcement process. The first post detailed the CFP Board’s investigation process. This post will focus on one potential outcome of a CFP Board investigation: an interim suspension.
CFP Board Announces Dramatic Increase in Enforcement Activity
Posted on June 26th, 2020 at 3:41 PM
The CFP Board announced a wide array of new enforcement activities, which includes spending $5 million to conduct background checks on all CFP professionals. This move comes after a task force found “significant failures in the execution of the CFP Board’s enforcement program[.]” Additionally, a July 2019 story in The Wall Street Journal detailed how the CFP Board website failed to inform users about past disciplinary issues for CFP professionals. The Wall Street Journal found that more than 5,000 advisors who were listed on the CFP Board website as having a clean disciplinary record actually had a disciplinary history.
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