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SEC Charges Three Additional Advisors for Recommending Horizon Ponzi Scheme to Investors

June 22nd, 2022 at 1:17 PM
The Securities and Exchange Commission (SEC) has filed suit against Michael Mooney, Britt Wright, and Penny Flippen pertaining to their engagement with a Ponzi scheme, which raised at least $110 million from nearly 400 investors.    
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FINRA Suspends Former Merrill Advisor Who Managed $2 Billion Florida Team

June 21st, 2022 at 1:08 PM
The Financial Industry Regulatory Authority (FINRA) has issued a six-week suspension and a $5,000 fine to a former Merrill Lynch advisor who previously had helped to establish a $2 billion team.    
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Three Former J.P. Morgan Advisors Prevail In $3 Million Transition Dispute

June 20th, 2022 at 3:28 PM
A Financial Industry Regulatory Authority (FINRA) arbitration panel has denied J.P. Morgan’s claims against three former advisors who allegedly had violated their non-solicitation agreements while transferring to a new firm.    
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SEC Seeks to Have Court Appoint Receiver For GPB Capital

June 17th, 2022 at 12:53 PM
The Securities and Exchange Commission (SEC) has presented a plan to a New York federal judge that would place GPB Capital Holdings into receivership with the objective to return money to what the SEC terms “defrauded investors”.
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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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