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UBS Recovers $2.3 Million From Former Advisor But Must Revise Form U-5 Termination Language

June 16th, 2022 at 1:16 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel recently ordered a former Atlanta-based UBS advisor to repay the firm at least $2.1 million in loans and interest as well as $208,000 in attorneys’ fees.    
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FINRA Arbitrators Order Morgan Stanley and Former Advisor to Pay Damages to Mexican Farmer

June 15th, 2022 at 1:10 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Morgan Stanley and a former advisor with the firm to each pay $160,000 in damages to a Mexican farmer for allegedly making improper recommendations.
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Barred Sarasota Advisor Becomes Subject Of GWG Bond Complaint

June 14th, 2022 at 1:23 PM
An advisor who received a Financial Industry Regulatory Authority (FINRA) bar last year and had numerous BrokerCheck “disclosures” has become the main subject of a client complaint alleging negligence over GWG L Bond sales.
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Market Volatility Sparks Heightened Scrutiny of Complex Products Sales

June 13th, 2022 at 1:07 PM
Market volatility can expose financial advisory firms that fail to supervise and ensure their advisors adhere to Regulation Best Interest (Reg BI) rules when they recommend complex products, according to FINRA.
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UBS Sues Former Advisor Robert Turner Over Alleged Misappropriation of Client Funds

June 10th, 2022 at 11:23 AM
UBS Financial Services has filed suit against a former Waco, Texas, advisor who allegedly misappropriated nearly $17 million from at least 23 investors over a 24-year period.
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SEC Charges Hedge Fund Advisor Over Alleged $39 Million Fraud

June 9th, 2022 at 1:01 PM
The Securities and Exchange Commission (SEC) has filed fraud charges against EIA All ÍøÆØ³Ô¹Ïather Alpha Fund I Partners LLC (EIA) and its owner, Andrew Middlebrooks, for allegedly operating a multi-year scheme that involved the misappropriation of investor funds.
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SEC Charges RiverSource Distributors With Improper Switching of Variable Annuities

June 8th, 2022 at 11:23 AM
The Securities and Exchange Commission (SEC) has agreed to a settlement with RiverSource Distributors Inc. for improper switching or replacing of variable annuities. According to the SEC, RiverSource sold variable annuities to retail clients through an affiliated investment advisory firm, Ameriprise Financial Services.    
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When Custodians Defame Investment Advisers to Their Clients In Terminating Investment Manager Service Agreements

June 7th, 2022 at 3:03 PM
SPECIAL ALERT: When custodians defame investment advisers to their clients in terminating investment manager service agreements        
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NASAA Members Approve Model Rule Addressing Unpaid Client Arbitration Awards

June 7th, 2022 at 11:43 AM
The North American Securities Administrators Association (NASAA) and its members have voted to adopt a model rule addressing financial advisory firms that fail to pay customer arbitration awards.    
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FINRA Revives Plan To Design Expungement Arbitrator Roster

June 6th, 2022 at 11:03 AM
The Financial Industry Regulatory Authority (FINRA) has announced that it has approved amendments to a rule creating a roster of arbitrators to hear expungement requests.    
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