The latest regulatory, disciplinary and criminal actions.
Enforcement
Dawn Bennett Appeals Fraud Conviction, 20-Year Sentence
Attorneys for Bennett filed a notice on Friday that they are seeking a review of the decision handed down late last month.
Schwab Pursues Texas Broker Who Started His Own RIA
Schwab’s claim for an injunction comes as lawyers say non-solicitation disputes have mushroomed in the past year industry-wide.
J.P. Morgan Pays $14 Million to Settle Customer Claim Against LA Broker
Private client group advisor now with Morgan Stanley says he “vehemently denies” allegations of unsuitable trading and other charges that cost his former firm $14 million.
Fired Multi-Million-Dollar Merrill Broker Joins Oppenheimer
Virginia’s Eric Bartok, a Forbes best-in-stater said to have been producing more than $3 million, was dismissed for expense-account violations, Merrill said.
Finra Slaps Cetera’s Summit for Snail-Mail Lapses
Summit, the smallest of Cetera Financial Group’s six independent broker-dealers, agreed to pay $40,000 to settle failure-to-supervise charges
Schwab Seeks to Restrain Another Former Broker
Seeks injunction against Wisconsin advisor who left after 12 years for BMO Wealth Management, continuing discount brokers’ newly aggressive attempts to enforce non-solicit contract clauses.
RayJay Told to Clean Million-Dollar Broker’s Termination Record
Former wirehouse advisor wins expungement of Raymond James’ allegation that it fired him for violating the Protocol for Broker Recruiting by having excess client information when he joined from Merrill Lynch.
Ex-Schwab Relationship Manager Files Age Discrimination Suit
Michigan woman, 63, asserts that she was railroaded over e-mails sent to Schwab’s RIA clients about company policies.
Baird Advisors Win Expungement of Ex-Executive’s Unsuitability Claims
Former Johnson Controls unit president and wife alleged broker put variable annuities into their IRAs and opened 529 accounts for their adult children.
Edward Jones Customers Revive Reverse Churning Lawsuit
Lawyers for current and former customers refiled a complaint dismissed last month by a California judge that says Jones fraudulently shifted them to fee-based advisory accounts.
Ouch! Nuisance Calling Costs Small Florida Firm $20,000
Finra fined and censured Dawson James Securities for allowing some brokers to bypass internal controls aimed at curbing solicitations to prospects whose names were on national and internal firm do-not-call lists.
