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ÍøÆØ³Ô¹Ïlls Fargo and Merrill Lynch Settle SEC Charges Over Cash Sweep Program Policies

March 10th, 2025 at 12:19 PM
The Securities and Exchange Commission (SEC) has announced settlements with ÍøÆØ³Ô¹Ïlls Fargo Clearing Services LLC, ÍøÆØ³Ô¹Ïlls Fargo Advisors Financial Network LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated over allegations that they failed to implement proper policies and procedures for their cash sweep programs.
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FINRA Orders $8.2 Million in Restitution for Mutual Fund Customers

March 7th, 2025 at 1:59 PM
FINRA has directed Edward Jones, Osaic ÍøÆØ³Ô¹Ïalth, Inc., and Cambridge Investment Research, Inc. to pay more than $8.2 million in restitution to customers harmed by failures to provide mutual fund sales charge waivers and fee rebates. 
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FINRA Fines Newbridge Securities $105,000 for Failing to Supervise Margin Trading

March 6th, 2025 at 11:28 AM
Newbridge Securities Corp., an independent broker-dealer based in Boca Raton, Florida, has agreed to pay a $105,000 penalty for failing to supervise financial advisors who recommended margin trading to clients.
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Morgan Stanley Advisor Wins Expungement Under FINRA's Stricter Rules

March 5th, 2025 at 1:42 PM
A FINRA arbitration panel granted a financial advisor’s request to expunge a 2022 customer complaint from her record, marking another test of FINRA’s stricter expungement rules.
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Federal Judge Strikes Down Hightower's Non-Compete Agreement in California

March 4th, 2025 at 10:51 AM
A federal judge in Wilmington, Delaware, ruled against Hightower Advisors in its effort to enforce non-compete agreements against a former advisor in California who sold his firm to Hightower.
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UBS Warns of Increased Advisor Departures Following Compensation Overhaul

March 3rd, 2025 at 2:19 PM
UBS Group AG executives cautioned that the firm may see a rise in advisor departures this year due to changes in its 2025 compensation plan.
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SEC Sanctions One Oak Capital and Advisor for Improper Conversions to Fee Based Accounts

February 28th, 2025 at 1:42 PM
The Securities and Exchange Commission (SEC) has penalized a New York-based registered investment adviser and its veteran adviser for converting brokerage accounts into advisory accounts that resulted in significantly higher fees without providing additional services.
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Arbitration Panel Orders Morgan Stanley to Pay $843,000 for Failing to Protect Elderly Client from Fraud

February 27th, 2025 at 2:35 PM
A FINRA arbitration panel has ordered Morgan Stanley to pay $843,000 in compensatory damages to a senior client residing in Florida for failing to protect her from financial fraud. As reported by ThinkAdvisor, the panel found the firm liable for negligence in a case that highlighted the growing risk of elder financial exploitation.
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Sharp Drop in FINRA Expungement Requests as New Rules Take Effect

February 26th, 2025 at 11:05 AM
The number of brokers seeking to expunge customer complaints and other disclosures from their public records through FINRA’s arbitration forum has plunged 79 percent over the past year.
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FINRA Highlights Risks of Investing Home Equity Loan Proceeds

February 25th, 2025 at 11:20 AM
FINRA issued a reminder to financial advisors to carefully consider customers’ time horizons and risk tolerance, particularly when recommending investments using funds from a home equity loan, as reported by AdvisorHub. 
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