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FINRA Plans Fee Increases Amid Rising Costs and Losses

July 25th, 2024 at 10:51 AM
The Financial Industry Regulatory Authority (FINRA) has announced plans to raise fees for its approximately 3,300 broker-dealer member firms. According to AdvisorHub, the self-regulator faces soaring costs, as detailed in its annual report published at the end of June.
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Raymond James Settles with Oregon Over Excessive Commissions

July 24th, 2024 at 1:36 PM
Raymond James recently settled a case with Oregon's Division of Financial Regulation (“DFR”), agreeing to pay nearly $200,000 over allegations of charging excessive commissions to retail investors.
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Former Florida Financial Advisor Charged with $2.7 Million Fraud Scheme

July 23rd, 2024 at 12:10 PM
According to ThinkAdvisor, federal prosecutors have charged former Florida financial advisor Jared Dean Eakes with wire fraud, alleging he scammed clients out of over $2.7 million across multiple states, including Alabama, Arkansas, Florida, Missouri, and elsewhere.
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Financial Advisors Win Arbitration Over "Book of Business" Dispute

July 22nd, 2024 at 3:02 PM
In a lengthy arbitration dispute, two Miami-based financial advisors, Eduardo Augsten and Gustavo Vega, battled over revenue generated from their shared book of business.
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Cambridge Investment Research Faces FINRA Review and SEC Penalties

July 19th, 2024 at 11:15 AM
Cambridge Investment Research is under review by FINRA's examination staff and anticipates making a $500,000 restitution payment to certain clients in 2024.
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Financial Institutions Struggle to Combat Rising Authorized Transfer Scams

July 18th, 2024 at 1:02 PM
According to InvestmentNews, financial institutions are increasingly grappling with authorized transfer scams as scammers become more adept at convincing individuals to transfer funds. Despite prioritizing resources to mitigate those scams, only 50 percent of financial institutions feel confident in their ability to detect and stop fraudulent activities.
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Morgan Stanley Settles Block Trade Investigations for $249 Million

July 18th, 2024 at 11:39 AM
Morgan Stanley has agreed to pay $249.4 million to resolve criminal and civil investigations into its handling of large stock trades for customers, according to a recent story in The Wall Street Journal.
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FINRA Sanctions CFP for Sharing Exam Content

July 17th, 2024 at 1:40 PM
The Financial Industry Regulatory Authority (FINRA) has fined Certified Financial Planner Joseph Occhipinti $5,000 and suspended him for one month for sharing CFP exam content with others.
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FINRA Bars Two Former Raymond James Advisors for Non-Cooperation in Investigations

July 16th, 2024 at 10:28 AM
The Financial Industry Regulatory Authority (FINRA) has barred two former Raymond James financial advisors after they refused to cooperate with investigations into their departures from the St. Petersburg Florida-based firm, according to AdvisorHub.
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Salomon & Ludwin Sues Former Employees Despite Being a Protocol Move

July 15th, 2024 at 10:16 AM
According to ÍøÆØ³Ô¹ÏalthManagement, a team of advisors has left Salomon & Ludwin (S&L), a registered investment advisor, to establish their own RIA, Founders Grove ÍøÆØ³Ô¹Ïalth Partners, with backing from Dynasty Financial Partners.
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Commonwealth Financial Network Resolves SEC Conflict of Interest Case

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