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11 Oct 2016, 6:24 am
From the Desk of Jim Eccleston at Eccleston Law LLC: In 2013, Cedar Brook Financial Partners, Michael Perlmuter, Howard Slater, and Azim Nakhooda had their securities licenses suspended and were fined after FINRA alleged that they made false statements about the safety of high-risk funds such as Medical Capital Holdings, Inc. [read post]
7 Oct 2016, 12:49 pm
From the Desk of Jim Eccleston at Eccleston Law LLC:The state of Massachusetts has charged Morgan Stanley Smith Barney for conducting a sales contest among its financial advisers to encourage clients to borrow money against their brokerage accounts. [read post]
6 Oct 2016, 12:34 pm
From the Desk of Jim Eccleston at Eccleston Law LLC:A Michigan judge has sentenced twins James Mulholland of St. [read post]
5 Oct 2016, 7:24 am
From the Desk of Jim Eccleston at Eccleston Law LLC:The SEC has charged Edward Durante with conducting a scheme to solicit investors while hiding his criminal past.Durante had served a 10-year prison term following a separate securities fraud conviction in 2001. [read post]
4 Oct 2016, 7:08 am
From the Desk of Jim Eccleston at Eccleston Law LLC: The SEC has issued an enforcement order against former millionaire Karl Hahn of New Hampshire as he awaits sentencing on November 22 for a $2 million fraud scheme in the U.S. [read post]
3 Oct 2016, 10:15 am
From the Desk of Jim Eccleston at Eccleston Law LLC: Recently, the SEC has charged a former CEO named Craig V. [read post]
29 Sep 2016, 7:00 am
From the Desk of Jim Eccleston at Eccleston Law LLC:Since its inception in 2011, the SEC’s whistleblower program has awarded more than $111 million to 34 whistleblowers.Recently, the SEC awarded more than $4 million to a whistleblower whose original information alerted the agency to a fraud.The whistleblowing process requires diligence and follow through. [read post]
28 Sep 2016, 8:26 am
From the Desk of Jim Eccleston at Eccleston Law LLC:FINRA has barred two brokers at Triad Advisors, LLC by the names of Douglas Scott Miller of Bowling Green, Ohio and Gary Lee Rathbun of Wauseon, Ohio. [read post]
27 Sep 2016, 7:34 am
From the Desk of Jim Eccleston at Eccleston Law LLC:LPL Financial is changing the way it pays commissions to its brokers when they sell routine investment products like mutual funds and variable annuities.The move was made because of the final Department of Labor Fiduciary Rule issued in April. [read post]
23 Sep 2016, 10:15 am
From the Desk of Jim Eccleston at Eccleston Law LLC:The Securities and Exchange Commission has issued penalties against 13 investment advisory firms found to have violated securities laws by spreading false claims.The SEC found that the 13 firms negligently relied upon claims by F-Squared Investments that its AlphaSector strategy for investing in exchange-traded funds (ETFs) had outperformed the S&P Index for several years. [read post]
22 Sep 2016, 7:03 am
From the Desk of Jim Eccleston at Eccleston Law LLC:Ameriprise was fined $850,000 by FINRA because it failed to superviseone of its registered representatives. [read post]
20 Sep 2016, 1:30 pm
From the Desk of Jim Eccleston at Eccleston Law LLC:The Securities and Exchange Commission has barred Logos Wealth Advisors founder Paul Mata and his fund manager David Kayatta forfraudulently raising more than $14 million from investors. [read post]
19 Sep 2016, 6:41 am
From the Desk of Jim Eccleston at Eccleston Law LLC:According to an annual study by InvestmentNews research, independent financial-advice firms produced record earnings last year. [read post]
16 Sep 2016, 6:43 am
From the Desk of Jim Eccleston at Eccleston Law LLC:The CFP Board of Standards has announced that the number of Certified Financial Planner professionals has topped the 75,000 mark in the United States.The CFP designation was enacted in 1973. [read post]
15 Sep 2016, 9:41 am
From the Desk of Jim Eccleston at Eccleston Law LLC:The Securities and Exchange Commission has settled charges alleging violations of Section 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-7 with Raymond James & Associates (“Raymond James”) and Robert W. [read post]
14 Sep 2016, 11:57 am
From the Desk of Jim Eccleston at Eccleston Law LLC:The SEC’s Office of Investor Education and Advocacy has recently issued a warning to investors who receive lump sum payments from insurance companies following the recent flooding disaster in Louisiana. [read post]
13 Sep 2016, 12:08 pm
From the Desk of Jim Eccleston at Eccleston Law LLC:FINRA has filed a complaint against ex-broker Christopher Ariola for recommending that three elderly retirees invest a substantial portion of their retirement savings in unsuitable gold and energy stocks. [read post]
12 Sep 2016, 6:39 am
From the Desk of Jim Eccleston at Eccleston Law LLC:Last month, a lawsuit was filed against Morgan Stanley in Manhattan federal court. [read post]
9 Sep 2016, 12:13 pm
From the Desk of Jim Eccleston at Eccleston Law LLC:The Securities and Exchange Commission has awarded the second largest total whistleblower award of $22 million to a former employee whose detailed tip and extensive assistance helped the agency halt a well-hidden fraud at the company.Since the SEC’s whistleblower program started in 2011, the largest ever whistleblower award was $30 million. [read post]
9 Sep 2016, 11:45 am
From the Desk of Jim Eccleston at Eccleston Law LLC:An employee has sued Edward Jones because he alleges that the company’s 401(k) plan has caused employees to pay high fees for investment management and record-keeping services that supposedly cost them millions in retirement savings. [read post]
