Tagged with "Massachusetts"

Massachusetts Supreme Court Affirms Fiduciary Duty Rule for Brokers

Posted on September 12th, 2023 at 11:36 AM
Massachusetts Supreme Court Affirms Fiduciary Duty Rule for Brokers

The Massachusetts Supreme Judicial Court ruled that William Galvin, the state's top securities regulator, acted within his authority in September 2020 when he established the state's investment advice rule, which imposed a fiduciary duty rule on financial advisors.

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FINRA Bars Massachusetts Advisor For Failing to Cooperate With Regulator’s Investigation

Posted on April 29th, 2022 at 1:34 PM
FINRA Bars Massachusetts Advisor For Failing to Cooperate With Regulator’s Investigation

The Financial Industry Regulatory Authority (FINRA) has barred a former advisor, Philip Riposo, for failing to cooperate with the regulator’s investigation. 

 
 

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Former Cape Cod Investment Adviser Stole Over $3 Million From Clients

Posted on July 20th, 2018 at 1:40 PM
Former Cape Cod Investment Adviser Stole Over $3 Million From Clients

The SEC has filed a complaint against former investment adviser, Kimberly Pine Kitts of Cape Cod, Massachusetts for allegedly stealing more than $3 million from her clients through a variety of schemes, including forged client withdrawal, wire and check requests.  

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Massachusetts –Based Fund Manager Accused of $16 Million Ponzi Scheme

Posted on February 6th, 2015 at 11:58 AM
Massachusetts –Based Fund Manager Accused of $16 Million Ponzi Scheme

A Massachusetts-based fund manager, and his registered investment advisory firm GL Capital, allegedly misappropriated at least $16 million from a closed-end interval fund that they managed, known as the GL Beyond Income Fund.

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Massachusetts Fines LPL Financial for Faulty Variable Annuities Switches

Posted on October 28th, 2014 at 8:19 AM
Massachusetts Fines LPL Financial for Faulty Variable Annuities Switches

Massachusetts securities regulators have fined LPL Financial for oversight failure associated with its sales of variable annuities.

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LATEST NEWS AND ARTICLES

April 24, 2024
RIA Insurance Claims Skyrocket

A recent analysis by Golsan Scruggs reveals a staggering 231 percent increase in errors-and-omissions (E&O) liability claims among registered investment advisor (RIA)
insurers.

April 23, 2024
Surge Predicted in Regulation Best Interest Cases

According to a recent analysis, Reg BI-related actions quickly have ascended to the top five issues for FINRA, with fines totaling $6 million in 2023.

April 22, 2024
FINRA Fines Independent Broker-Dealers Over Cybersecurity Lapses

The Financial Industry Regulatory Authority (FINRA) has imposed fines and censured independent broker-dealers Osaic Wealth and Securities America for cybersecurity deficiencies that led to hackers accessing the private information of more than 32,000 customers.