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Wells Fargo and LPL Financial Settle SEC Charges Over Blue Sheet Reporting Errors

January 20th, 2025 at 3:36 PM
The Securities and Exchange Commission (SEC) announced settlements with Wells Fargo Clearing Services and LPL Financial, each agreeing to pay a $900,000 penalty for failing to provide complete and accurate securities trading information, also known as electronic blue sheet data. 
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FINRA Suspends and Fines Advisor for Misleading L Bond Sales

January 17th, 2025 at 2:30 PM
The Financial Industry Regulatory Authority (FINRA) has suspended and fined Alan Mason for violating Regulation Best Interest by recommending high-risk L bonds to a retail customer.
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Former Merrill Lynch Advisor Wins Expungement of Allegations Tied to CBD Business

January 16th, 2025 at 11:43 AM
Charles Thomas “Todd” Mercer Jr., a former top Merrill Lynch advisor, successfully cleared his public record of allegations that hindered his ability to attract clients after transitioning to an independent practice. 
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SEC Charges Nigerian Trio for Impersonating Financial Professionals in $2.9 Million Fraud Scheme

January 15th, 2025 at 2:29 PM
The Securities and Exchange Commission (SEC) has charged three individuals from Nigeria with orchestrating an elaborate online fraud scheme, stealing the identities of licensed financial advisors and investment advisers to defraud retail investors of over $2.9 million.
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Jefferies Financial Group Terminates Employment of Miami Team for Alleged Misconduct

January 14th, 2025 at 2:36 PM
According to Form U-5 filings, Jefferies Financial Group recently terminated a group of Miami-based wealth advisors allegedly after uncovering improper money transfers and attempts to conceal the activity through off-channel communications. The firm dismissed Marcelo Poliak, Rodrigo Soto, Guillermo Guerra, Pablo Gherardi, and four other team members over “impermissible money-wire transfers” and “deleted” communications.
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Former Merrill Lynch Executives Launch Indivisible Partners, a New Independent Advisory Firm

January 13th, 2025 at 3:11 PM
John W. Thiel, the former head of Merrill Lynch Wealth Management, has announced plans to launch Indivisible Partners, an independent registered investment advisory (RIA) firm, in early 2025.   
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FINRA Arbitration Panel Clears Advisor's Record of Defamatory Allegations

January 10th, 2025 at 2:14 PM
A FINRA arbitration panel has ruled in favor of Mary J. Howard, a former RBC Wealth Management advisor, allowing her to expunge defamatory allegations from her Form U-5 termination record.
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Former Advisor Faces Lawsuit Over Mishandling of Premium-Financed Life Insurance Plan

January 9th, 2025 at 2:32 PM
Joshua L. Gottlieb, barred by FINRA in 2017, faces a lawsuit alleging significant financial harm to a client following the sale of a premium-financed indexed universal life (IUL) insurance program. 
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Merrill Lynch Agrees to $4.9 Million Settlement in Overtime Pay Dispute

January 8th, 2025 at 2:03 PM
Merrill Lynch will pay $4.9 million to resolve a class action lawsuit filed by current and former salaried Financial Solutions Advisors (FSAs) who alleged the firm wrongfully denied them overtime pay. As reported by AdvisorHub, a Florida state judge recently approved the settlement, which will compensate eligible FSAs who worked at the firm over the past three years.
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Former Morgan Stanley Advisor Sanctioned for Undisclosed Hotel Business

January 7th, 2025 at 4:20 PM
FINRA has fined Chris S. Stocks, a former Morgan Stanley advisor, $10,000 and suspended him for 30 days for failing to disclose his involvement in a hotel business. 
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LATEST NEWS AND ARTICLES

May 9, 2025
FINRA Suspends Former Wells Fargo Advisor Over Unauthorized Transfer in Elderly Client's Account

FINRA has fined and suspended former Wells Fargo financial advisor Jarrett Thomas after he executed a $50,000 transaction for an elderly client despite being informed that she was no longer capable of managing her finances.

May 8, 2025
All 50 States Now Aligned on Annuity Sales Standards

The annuity industry officially has secured uniformity in sales regulations across all 50 states.

May 7, 2025
Jury Finds Investment Advisor Liable for Failing to Disclose Annuity Commissions

A federal jury in Massachusetts has found investment adviser Jeffrey Cutter and his firm, Cutter Financial Group, liable for violating federal securities law by failing to disclose significant upfront commissions and conflicts of interest related to an annuity replacement scheme.