Tagged with "James Eccleston"

New Hampshire Regulators Investigate Alleged Churning at Merrill Lynch

Posted on July 14th, 2020 at 3:05 PM
New Hampshire Regulators Investigate Alleged Churning at Merrill Lynch

The New Hampshire Bureau of Securities Regulation has launched an investigation of Merrill Lynch relating to the sales practices of two former Merrill Lynch advisors, Charles Kenahan and Dermod Cavanaugh.  The New Hampshire state regulator is investigating claims of excessive trading made by Craig Benson, former governor of New Hampshire. According to that report, settlement talks between the state regulator and Merrill Lynch are on-going.

Read More »

CFP Board Enforcement Process: Default; Suspension, Revocation, or Bar

Posted on July 13th, 2020 at 3:52 PM
CFP Board Enforcement Process: Default; Suspension, Revocation, or Bar

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.    

Read More »

SEC Bars Advisor for Fraudulent Taylor Swift Charity Investment

Posted on July 10th, 2020 at 3:45 PM
SEC Bars Advisor for Fraudulent Taylor Swift Charity Investment

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.

Read More »

SEC Enters Cease and Desist Order Against Potamus Trading and Eric J. Pritchett

Posted on July 9th, 2020 at 3:51 PM
SEC Enters Cease and Desist Order Against Potamus Trading and Eric J. Pritchett

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.

Read More »

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 Achieves Highest Rating in Both Legal Ability and Ethical Standards for 2020

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.

Read More »

Illinois Broker and Investment Firm Agree to Pay $1.1 Million to CFTC

Posted on July 7th, 2020 at 4:15 PM
Illinois Broker and Investment Firm Agree to Pay $1.1 Million to CFTC

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.

Read More »

Temenos Advisory and its CEO Ordered to Pay More Than $2 Million

Posted on July 1st, 2020 at 3:51 PM
Temenos Advisory and its CEO Ordered to Pay More Than $2 Million

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.

Read More »

Two Sarasota-Bradenton Area Men Charged for Alleged Ponzi Scheme

Posted on June 30th, 2020 at 4:11 PM
Two Sarasota-Bradenton Area Men Charged for Alleged Ponzi Scheme

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.  

Read More »

CFP Board Enforcement Process: Interim Suspensions

Posted on June 29th, 2020 at 3:48 PM
CFP Board Enforcement Process: Interim Suspensions

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.  

Read More »

CFP Board Announces Dramatic Increase in Enforcement Activity

Posted on June 26th, 2020 at 3:41 PM
CFP Board Announces Dramatic Increase in Enforcement Activity

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. 

Read More »

TESTIMONIALS

Previous
Next

The work that you and your team have performed on my behalf is exemplary.

JT

LATEST NEWS AND ARTICLES

February 23, 2024
Advisor Accepts Industry Bar Amid FINRA Probe into Outside Business Activities

John A. Dougherty, a veteran advisor with 23 years of experience, agreed to an AWC (Acceptance, Waiver, and Consent) after refusing to cooperate with a regulatory investigation into allegations of undisclosed outside business activities.

February 22, 2024
Key Considerations for Advisors When Assessing the Financial Soundness of Annuities

While rating agencies like Fitch and S&P Global Ratings generally highlight the strength of annuity issuers, advisors still should scrutinize certain factors in their assessment process.

February 21, 2024
SEC Alleges Fraud Against Morgan Stanley and Former Executive in Block Trading Business

As reported by the Wall Street Journal, the Securities and Exchange Commission (SEC) has charged Morgan Stanley & Co. LLC and its former head of equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information related to block trades.