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SEC Bars Michigan Advisor Who Misappropriated $314,000 From Elderly Client

May 23rd, 2022 at 8:33 AM
The Securities and Exchange Commission has barred an advisor who allegedly misappropriated nearly $305,000 from an elderly client and additionally overcharged the client at least $9,000 in advisory fees.    
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UBS Advisor Joins U.S. Capital After Contentious Compliance Review

May 19th, 2022 at 1:48 PM
A UBS ÍøÆØ³Ô¹Ïalth Management advisor who generated $3 million in annual revenue has joined U.S. Capital ÍøÆØ³Ô¹Ïalth Advisors, which is a regional Texas-based firm run by a former UBS manager.    
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Some Advisors Chose Inopportune Time To Boost Bet On GWG Bonds

May 18th, 2022 at 2:31 PM
Financial advisors who chose to double down on GWG are having second thoughts.    
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Focus Financial Board Member Sues J.P. Morgan Over $7 Million In Pandemic Losses

May 17th, 2022 at 1:57 PM
A California dermatologist, who also is a Focus Financial Partners board member, has filed a $7 million arbitration claim against J.P. Morgan over pandemic-related losses in a managed account.    
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UBS Alleges Former Texas Advisor Stole $17 Million From Clients

May 17th, 2022 at 8:46 AM
UBS ÍøÆØ³Ô¹Ïalth Management alleges that one of its former Texas-based advisors stole nearly $17 million from clients as part of a scheme that ran almost 25 years.    
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FINRA Arbitration Claims Decline

May 13th, 2022 at 12:20 PM
Fewer investors have been filing arbitration claims to recover their investment losses. However, industry experts anticipate that the case count may climb, if not skyrocket, later this year due to recent market volatility.    
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Federal Jury Convicts Sarasota Advisor Over $80 Million Ponzi Scheme

May 12th, 2022 at 1:15 PM
A federal jury has convicted a Sarasota-based advisor, Michael DaCorta, for conducting an $80 million Ponzi scheme.      
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FINRA Reintroduces Expungement Proposal After Substantial Pushback

May 11th, 2022 at 1:29 PM
After the Financial Industry Regulatory Authority (FINRA) withdrew a broker expungement proposal, the regulator has reversed course and now is recommending a “two-track approach”, which approach will include the Securities and Exchange Commission’s processes to adopt the rule.      
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FINRA Expected to Address Retail Investor Exposure to Complex ETFs

May 10th, 2022 at 1:21 PM
The Financial Industry Regulatory Authority (FINRA) recently requested comments on whether stricter measures ought to be implemented to curb retail investor access to complex ETFs.    
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Morgan Stanley Seeks to Stop Two Departing Advisors from Transferring Inherited Accounts

May 9th, 2022 at 2:59 PM
Morgan Stanley is seeking a temporary restraining order (TRO) in an effort to block two of its former New-Jersey based advisors from soliciting clients whom they inherited via the firm’s Former Advisor Program (FAP).    
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