Three former senior executives of Wells Fargo Bank have been fined over what were labelled as 'unsafe or unsound banking practices related to the bank’s systemic and widespread sales practices misconduct', according to ThinkAdvisor. The Office of the Comptroller of...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Month: January 2025
Pennsylvania investment adviser charged with scheme to steal $17 million from clients
Federal prosecutors have announced fraud charges against a Pennsylvania investment advisor who allegedly stole millions from his clients to use for himself, Financial Advisor reports. Scott Jeffrey Mason, 66, of Gladwyne, Pennsylvania, was charged with wire fraud,...
Judge rules against Hightower in bid to enforce non-compete agreement with former advisor
Hightower Advisors lost a round in federal court in a legal battle with one of its former advisors, reports AdvisorHub. The matter involves Darren Reinig, who provided financial services and investment advice through the firm from July 2019 to December 2021. District...
Wells Fargo, Merrill Lynch fined $60 million over compliance failures involving cash sweep programs
Wells Fargo Advisors and Merrill Lynch have been penalized by the Securities and Exchange Commission over compliance failures related to cash sweep programs, according to AdvisorHub. The firms agreed to pay a total of $60 million in fines after the SEC determined they...
Vanguard to pay over $106 million for misleading investors about retirement funds
The Securities and Exchange Commission announced that The Vanguard Group, Inc. will pay over $106 million to settle charges involving misleading statements to retirement fund investors, AdvisorHub reports. The amount will be paid to those who were harmed by the...
