News & Updates

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SEC Bars Advisor for $24 Million Ponzi Scheme Targeting Elderly Investors

The Securities and Exchange Commission (SEC) has barred Paul Horton Smith, a California-based advisor, for orchestrating a $24 million Ponzi sch...

LPL Financial Prepares for AML-Related SEC Settlement

LPL Financial has set aside $18 million in anticipation of settling an ongoing Securities and Exchange Commission (SEC) investigation into its a...

Pershing Fined $1.4 Million for Inaccurate Interest Rate Reporting

Pershing has been fined $1.4 million by FINRA for disseminating account documents with inaccurate interest rate information.

Former Advisor Barred by FINRA for Failing to Respond to Investigation

FINRA has permanently barred financial advisor Michael Charles Grande from working with any registered investmen...

FINRA Fines Osaic Wealth and Securities America for Cybersecurity Failures

The Financial Industry Regulatory Authority (FINRA) has fined and censured independent broker-dealers Osaic Wealth and Securities America for cy...

Massachusetts Court Grants Temporary Relief in Age Discrimination Suit A...

A Massachusetts court has granted Glenn Frank, a 69-year-old advisor suing Hightower for age discrimination, a preliminary victory by temporaril...

Wells Fargo Ordered to Pay $1.44 Million to Former Florida Advisor

A FINRA arbitration panel has ordered Wells Fargo to pay $1.44 million in compensatory damages to Harry Pappas Jr., a former advisor based in Fl...

SEC Fines Thrivent Investment Management for Red BI Violations

The Securities and Exchange Commission (SEC) has imposed a $25,000 fine on Thrivent Investment Management for violating Regulation Best Interest...

FINRA Suspends Former LPL Advisor for Unapproved Business Activities

FINRA has suspended a former LPL Financial advisor for one month and fined her $5,000 for engaging in unapproved outside business activities rel...

Former Merrill Lynch Advisor Sanctioned for Unauthorized Crypto Work and...

A former Merrill Lynch advisor, John Rollin Revelle, has been suspended for 10 months and fined $7,500 by the Financial Industry Regulatory Auth...

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Hightower Drops Claims Against Former Advisor Amid Non-Compete Dispute

Hightower, a Chicago-based RIA firm, recently dropped its lawsuit against former advisor Lars Knudsen just days before a federal judge in Illino...

Osaic Services Fined $250,000 for Supervisory Failures in Options Trading

Osaic Services, formerly SagePoint Financial, recently agreed to pay a $250,000 fine and accept censure for failures in supervising excessive an...

Wahed Invest Settles SEC Charges Over Undisclosed Endorsements and Ad Ru...

The SEC recently settled charges with Wahed Invest, a faith-based robo-advisor that markets itself to Muslim clients, over violations of the SEC...

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