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Client Associates Sue Firms Over Discrimination and Wrongful Termination

December 3rd, 2024 at 2:30 PM
Three former client associates have accused major financial institutions—Charles Schwab, Morgan Stanley, and Ameriprise Financial—of wrongful termination.
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ÍøÆØ³Ô¹Ïlls Fargo Terminates Advisor Over $60 Personal Expense

December 3rd, 2024 at 9:07 AM
ÍøÆØ³Ô¹Ïlls 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

November 27th, 2024 at 1:04 PM
ÍøÆØ³Ô¹Ïlls 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

November 26th, 2024 at 10:21 AM
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

November 25th, 2024 at 2:13 PM
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 ÍøÆØ³Ô¹Ïalth Management Group to Stifel

November 22nd, 2024 at 2:11 PM
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

November 21st, 2024 at 1:17 PM
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 ÍøÆØ³Ô¹Ïalth, $240,000. 
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Hightower Drops Claims Against Former Advisor Amid Non-Compete Dispute

November 20th, 2024 at 3:58 PM
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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Osaic Services Fined $250,000 for Supervisory Failures in Options Trading

November 19th, 2024 at 1:39 PM
Osaic Services, formerly SagePoint Financial, recently agreed to pay a $250,000 fine and accept censure for failures in supervising excessive and unsuitable options trading from June 2018 to August 2019.
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Wahed Invest Settles SEC Charges Over Undisclosed Endorsements and Ad Rule Violations

November 18th, 2024 at 3:47 PM
The SEC recently settled charges with Wahed Invest, a faith-based robo-advisor that markets itself to Muslim clients, over violations of the SEC’s marketing rule.
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