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Allianz Pleads Guilty to Fraud and Agrees to Pay $5.8 Billion

May 25th, 2022 at 10:41 AM
A unit of Allianz SE has agreed to plead guilty to securities fraud and pay $5.8 billion in fines and restitution following the collapse of a relatively low-risk pool of investment funds amidst pandemic volatility.    
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Edward Jones Files Motion to Dismiss $15 Million Book of Business Lawsuit

May 24th, 2022 at 12:13 PM
A former Edward Jones advisor has filed suit against Edward Jones over a $15 million book of business.    
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FINRA Suspends Former Morgan Stanley Advisor Who Solicited Venture Capital Investment

May 23rd, 2022 at 3:09 PM
The Financial Industry Regulatory Authority (FINRA) has suspended a former Morgan Stanley advisor for allegedly misleading investors regarding a private placement sold by the firm.        
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SEC Bars Michigan Advisor Who Misappropriated $314,000 From Elderly Client

May 23rd, 2022 at 8:33 AM
The Securities and Exchange Commission has barred an advisor who allegedly misappropriated nearly $305,000 from an elderly client and additionally overcharged the client at least $9,000 in advisory fees.    
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UBS Advisor Joins U.S. Capital After Contentious Compliance Review

May 19th, 2022 at 1:48 PM
A UBS ÍøÆØ³Ô¹Ïalth Management advisor who generated $3 million in annual revenue has joined U.S. Capital ÍøÆØ³Ô¹Ïalth Advisors, which is a regional Texas-based firm run by a former UBS manager.    
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Some Advisors Chose Inopportune Time To Boost Bet On GWG Bonds

May 18th, 2022 at 2:31 PM
Financial advisors who chose to double down on GWG are having second thoughts.    
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Focus Financial Board Member Sues J.P. Morgan Over $7 Million In Pandemic Losses

May 17th, 2022 at 1:57 PM
A California dermatologist, who also is a Focus Financial Partners board member, has filed a $7 million arbitration claim against J.P. Morgan over pandemic-related losses in a managed account.    
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UBS Alleges Former Texas Advisor Stole $17 Million From Clients

May 17th, 2022 at 8:46 AM
UBS ÍøÆØ³Ô¹Ïalth Management alleges that one of its former Texas-based advisors stole nearly $17 million from clients as part of a scheme that ran almost 25 years.    
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FINRA Arbitration Claims Decline

May 13th, 2022 at 12:20 PM
Fewer investors have been filing arbitration claims to recover their investment losses. However, industry experts anticipate that the case count may climb, if not skyrocket, later this year due to recent market volatility.    
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Federal Jury Convicts Sarasota Advisor Over $80 Million Ponzi Scheme

May 12th, 2022 at 1:15 PM
A federal jury has convicted a Sarasota-based advisor, Michael DaCorta, for conducting an $80 million Ponzi scheme.      
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