Eccleston Law Blog

SEC Charges Boca Raton Advisor with $2.1 Million Fraud Scheme

December 5th, 2024 at 3:58 PM
The U.S. Securities and Exchange Commission (SEC) has charged David Kushner, a Boca Raton, Florida resident, and his company, La Mancha Funding Corp., with defrauding nearly two dozen investors out of approximately $2.1 million.
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Wells Fargo Advisors Ordered to Pay $500,000 for Misuse of Former Advisor's Name

December 4th, 2024 at 3:55 PM
Wells Fargo Advisors must pay nearly $500,000 in damages to Nicholas Takahashi, for allegedly using his name on their website long after he left for a competitor.
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Client Associates Sue Firms Over Discrimination and Wrongful Termination

December 3rd, 2024 at 2:30 PM
Three former client associates have accused major financial institutions—Charles Schwab, Morgan Stanley, and Ameriprise Financial—of wrongful termination.
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Wells Fargo Terminates Advisor Over $60 Personal Expense

December 3rd, 2024 at 9:07 AM
Wells Fargo Advisors recently terminated Charles J. Kraft, a 30-year industry veteran, over a $60 expense account infraction.
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Class Action Suits Target Major Banks Over Cash Sweep Programs

November 27th, 2024 at 1:04 PM
Wells Fargo, Merrill Lynch, and Morgan Stanley face class action lawsuits alleging they exploited cash sweep programs to generate “massive revenue” at clients' expense.
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Arizona Revokes Advisor's License for Misrepresenting High-Risk GPB Capital Investments

November 26th, 2024 at 10:21 AM
The Arizona Corporation Commission has revoked the license of Scottsdale-based investment advisor representative Luke M. Johnson, who sold over $10 million in high-risk private placements by GPB Capital Holdings. 
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Osaic Advisor Fined and Suspended for Submitting False Bank Statements

November 25th, 2024 at 2:13 PM
AdvisorHub recently reported that the Financial Industry Regulatory Authority (FINRA) has imposed a $5,000 fine and a two-month suspension on Kalomira Zangoulos, a former Osaic advisor in Sterling Heights, Michigan.
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B. Riley Sells Employee Wealth Management Group to Stifel

November 22nd, 2024 at 2:11 PM
B. Riley Financial Inc. has announced the sale of part of its employee wealth management division to Stifel Financial Corp. 
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SEC Fines New Jersey Brokerage and RIA Firms $240,000 for Impending Client Reporting

November 21st, 2024 at 1:17 PM
The Securities and Exchange Commission (SEC) has fined Nationwide Planning Associates, a New Jersey-based independent brokerage, and two affiliated registered investment advisory firms, NPA Asset Management and Blue Point Strategic Wealth, $240,000. 
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Hightower Drops Claims Against Former Advisor Amid Non-Compete Dispute

November 20th, 2024 at 3:58 PM
Hightower, a Chicago-based RIA firm, recently dropped its lawsuit against former advisor Lars Knudsen just days before a federal judge in Illinois was set to rule on the firm’s injunction request.
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April 18, 2025
Robinhood Markets Faces Scrutiny in Massachusetts Investigation

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April 16, 2025
GWG Bondholders Offered Settlement Worth Just Cents on the Dollar

Distressed investors who purchased $1.6 billion in GWG L bonds may soon receive a small fraction of their original investment under a proposed settlement.