Tagged with "Eccleston Law"

SEC Charges Boca Raton Advisor with $2.1 Million Fraud Scheme

Posted on December 5th, 2024 at 3:58 PM
SEC Charges Boca Raton Advisor with $2.1 Million Fraud Scheme

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

Posted on December 4th, 2024 at 3:55 PM
Wells Fargo Advisors Ordered to Pay $500,000 for Misuse of Former Advisor's Name

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

Posted on December 3rd, 2024 at 2:30 PM
Client Associates Sue Firms Over Discrimination and Wrongful Termination

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

Posted on December 3rd, 2024 at 9:07 AM
Wells Fargo Terminates Advisor Over $60 Personal Expense

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

Posted on November 27th, 2024 at 1:04 PM
Class Action Suits Target Major Banks Over Cash Sweep Programs

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

Posted on November 26th, 2024 at 10:21 AM
Arizona Revokes Advisor's License for Misrepresenting High-Risk GPB Capital Investments

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

Posted on November 25th, 2024 at 2:13 PM
Osaic Advisor Fined and Suspended for Submitting False Bank Statements

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

Posted on November 22nd, 2024 at 2:11 PM
B. Riley Sells Employee Wealth Management Group to Stifel

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

Posted on November 21st, 2024 at 1:17 PM
SEC Fines New Jersey Brokerage and RIA Firms $240,000 for Impending Client Reporting

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

Posted on November 20th, 2024 at 3:58 PM
Hightower Drops Claims Against Former Advisor Amid Non-Compete Dispute

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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LATEST NEWS AND ARTICLES

December 19, 2024
GPB Capital Investors See Progress as Court Confirms Receivership

In a significant development for investors in GPB Capital Holdings, the private equity firm will move into receivership following a prolonged legal battle.

December 18, 2024
SEC Fines Cantor Fitzgerald $6.75 Million for Misleading SPAC Investors

The Securities and Exchange Commission (SEC) has charged Cantor Fitzgerald, L.P. with causing two special purpose acquisition companies (SPACs) under its control to make misleading statements to investors before their initial public offerings (IPOs). 

December 17, 2024
Former Western Asset Management Co-CIO Charged with Fraud for Cherry-picking Trades

The SEC recently charged Ken Leech, former Co-CIO of Western Asset Management, with fraud.