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Brokerage Firm Settles FINRA Allegations for Texting Lapses and Due Diligence Deficiencies

July 2nd, 2024 at 9:16 AM
A recent settlement between a Florida-based brokerage firm and the Financial Industry Regulatory Authority (FINRA) has drawn attention to the importance of retainingbusiness-related text messages and conducting due diligence on private placement offerings.
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Financial Advisor Awarded $376,000 in Partnership Dispute

July 1st, 2024 at 2:15 PM
Financial advisors often partner with other financial advisors, but how they document the arrangement is critically important.
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Federal Judge Restrains Raymond James from Soliciting Former TD Bank Clients

June 28th, 2024 at 11:04 AM
A federal judge has issued a restraining order against two Raymond James advisors, preventing them from contacting their former clients at TD Bank.
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Former Advisor Sentenced for Stealing Elderly Client's Life Savings

June 27th, 2024 at 1:32 PM
Eddy Ray Blizzard, a former financial advisor, has been sentenced to 3.5 years in federal prison for stealing nearly $1 million from an elderly client.
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FINRA Panel Order Advisor to Pay $2.6 Million for Soliciting Former Clients

June 26th, 2024 at 3:14 PM
A FINRA arbitration panel ruled against advisor Nicole E. Sennett for allegedly attempting to solicit former clients after selling her practice to Monocacy Ä¢¹½´«Ã½alth Partners.
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IRS Highlights Tax Scams Targeting High-Net-Worth Individuals

June 25th, 2024 at 10:18 AM
The Internal Revenue Service (IRS) has concluded its annual Dirty Dozen campaign, spotlighting the most egregious tax scams. According to Ä¢¹½´«Ã½althManagement.com, this year's focus includes schemes aimed at high-net-worth individuals (HNWI).
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Examining Firm Liability for Third-Party and Client Misdeeds

June 24th, 2024 at 12:01 PM
FinancialPlanning.com recently asked, “How much liability can a firm have for the actions of third-party vendors or clients?” This question has surfaced in various legalcontexts, most recently in a lawsuit against Ä¢¹½´«Ã½lls Fargo, which faces allegations of failing to detect a $300 million Ponzi scheme perpetrated by a client.
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Merrill Lynch Increases Referral Fees to Recruit Veteran Advisors

June 20th, 2024 at 4:29 PM
Merrill Lynch has begun enhancing its recruitment efforts- now offering headhunters a 10 percent referral fee, up from 8 percent, for successful placements. This increase targets 34 specific markets, including key locations like Los Angeles and certain rural areas outside the Bank of America footprint in an attempt to attract veteran advisors.
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CFTC Joins SEC in Probing Wall Street Banks Over Non-Disclosure Agreements

June 19th, 2024 at 10:18 AM
The Commodity Futures Trading Commission (CFTC) is investigating major Wall Street banks to determine if their non-disclosure agreements (NDAs) are preventing potential whistleblowers from reporting violations.
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SEC's Private Fund Advisors Rules Create Challenges

June 18th, 2024 at 1:28 PM
Registered Investment Advisors (RIAs) are facing a pivotal moment as they gear up to comply with the Securities and Exchange Commission's (SEC) Private Fund Advisers Rules, with the most stringent requirements set to take effect later this year and early in 2025.
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