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FINRA Settles With Coastal Equities Over Improper GPB Private Placement Sales

January 6th, 2023 at 12:54 PM
The Financial Industry Regulatory Authority (FINRA) has agreed to a $418,000 settlement with Coastal Equities over sales in 2018 of GPB private placements. 
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GWG Bondholders Prepare To File Suit Against Financial Advisory Firms and Executives

January 5th, 2023 at 10:36 AM
A group representing nearly 27,000 retail investors is set to file suit against GWG Holdings’ executives as well as the financial advisory firms that marketed and sold $1.6 billion worth of GWG L bonds, according to a recent bankruptcy court filing in Houston. 
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GWG Obtains Debtor-In-Possession Loan

January 4th, 2023 at 2:08 PM
GWG Holdings has obtained a super-priority secured debtor-in possession loan and guaranty agreement to receive money to fund the company’s operations amidst bankruptcy proceedings, according to a filing with the Securities and Exchange Commission (SEC).
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FINRA Alters Remote Inspection Proposal to Satisfy Critics

January 3rd, 2023 at 1:02 PM
The Financial Industry Regulatory Authority (FINRA) has amended its proposal to permit financial advisory firms to conduct their internal inspections remotely beyond year-end 2023 to satisfy state regulators and investor advocates. 
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FINRA Fines Edward Jones $1.1 Million For Mishandling Phone Records

January 2nd, 2023 at 3:01 PM
The Financial Industry Regulatory Authority (FINRA) has issued a $1.1 million fine to Edward Jones for allegedly mishandling phone records that FINRA was seeking. 
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RIAs Increasingly Rely on Non-Competes Borrowed From Broker-Dealers

December 22nd, 2022 at 12:15 PM
Registered investment advisory firms (RIAs) have borrowed a legal tactic from the broker-dealer space, as RIAs increasingly take defectors to court with allegations of non-compete clause violations, according to a recent article published by AdvisorHub. 
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FINRA Fines LPL $150,000 For Failing to Detect Advisor’s Ponzi Scheme

December 21st, 2022 at 1:33 PM
The Financial Industry Regulatory Authority (FINRA) has fined LPL Financial $150,000 for failing to adequately supervise an advisor who later was found to have perpetuated a Ponzi scheme. 
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SEC Alerts Financial Advisory Firms to Their Failure to Protect Clients From Identity Theft

December 20th, 2022 at 1:15 PM
Financial advisory firms are failing to design and maintain effective policies and procedures to restrict hackers from stealing clients’ personal and confidential information, according to a risk alert published by the Securities and Exchange Commission (SEC).
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Former LPL Advisor Arrested On Theft Charges

December 19th, 2022 at 2:14 PM
Bradley Goodbred, a former LPL advisor who was recently charged with theft by the Securities and Exchange Commission (SEC), was arrested by suburban Chicago police last week. 
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ÍøÆØ³Ô¹Ï LLC Investigates Fallout at Firms Fined by the SEC Over Electronic Communications

December 16th, 2022 at 1:34 PM
The SEC charged several broker-dealers with failure to maintain and preserve electronic communications, including text messages, assessing over $1 billion in fines.  According to the SEC press release, “The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters.”
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