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Jim Eccleston
Chicago, IL
Owner and President of Eccleston Law Offices, P.C.
Recent Activity
Eccleston Law Offices Continues to Investigate Erickson Retirement Community STAMPS Sold by B.C. Ziegler
The attorneys at Eccleston Law Offices have expanded their investigation of Erickson Retirement Community (“Erickson”) STAMPS (subordinated tax advantaged mezzanine put securities) which were sold by B.C. Ziegler and Company. Specifically, Eccleston Law Offices is investigating Monarch Landing as well... Continue reading
Posted 11 hours ago at Financial Counsel by Eccleston Law
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SEC Charges Municipality With Issuing Misleading Statements Outside Securities Disclosure Documents
On May 6, 2013, the SEC charged the City of Harrisburg, PA with securities fraud for its misleading public statements when its financial condition was deteriorating and financial information available to municipal bond investors was either incomplete or outdated. Specifically,... Continue reading
Posted 6 days ago at Financial Counsel by Eccleston Law
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Morgan Stanley Forgivable Loan Practices Under Scrutiny
Brokerage firms often offer financial advisers loans, which are payments to lure advisers, and thus their clients, to the firm and keep them there. If the financial adviser meets various performance requirements and does not defect to a rival then... Continue reading
Posted May 13, 2013 at Financial Counsel by Eccleston Law
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The SEC will be more aggressive in the next couple...
The SEC will be more aggressive in the next couple of years with efforts to bar securities law violators from financial firms. In particular, the SEC will use its powers under The Dodd-Frank Wall Street Reform and Consumer Protection Act... Continue reading
Posted May 6, 2013 at Financial Counsel by Eccleston Law
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MetLife Broker Barred for Converting Funds for Personal Use
Matt Degenhart (“Degenhart”) recently agreed to settle a FINRA enforcement action in which the offense oddly addresses the underlying facts. According to the Letter of Acceptance, Waiver and Consent (“AWC”), which FINRA accepted, the facts are as follows. In August... Continue reading
Posted May 1, 2013 at Financial Counsel by Eccleston Law
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LPL Financial Often Runs Afoul of Regulators
LPL Financial (“LPL”), the nation’s fourth-largest brokerage firm and the largest in much of rural America, is growing in size and, unfortunately, in its list of problems with regulators. As LPL has expanded, state and federal authorities have censured the... Continue reading
Posted Apr 23, 2013 at Financial Counsel by Eccleston Law
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FINRA Fines Up 15% in 2012
FINRA last year reported filing 1,541 disciplinary actions, which is a 3.6% rise over the prior year. This marks the fourth consecutive year of increased disciplinary actions by the brokerage industry regulator and the second straight year of higher fine... Continue reading
Posted Apr 17, 2013 at Financial Counsel by Eccleston Law
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FINRA Prohibits “Guarantees” Against Customer Loss
A recent Letter of Acceptance, Waiver and Consent (“AWC”) illustrates why reps don’t want to make guarantees against customer losses, even “guarantees” that loosely are defined. In 1999, the rep entered the securities industry. From January 2004 through October 2012... Continue reading
Posted Mar 18, 2013 at Financial Counsel by Eccleston Law
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Bank of America’s Strategic Return Notes Come Under Fire
Strategic Return Notes (“SRNs”) sold by Bank of America apparently lost over 50% of their value in approximately one year. Bank of America’s subsidiary, Merrill Lynch, sold these SRNs to hundreds of its clients nationally. There are allegations that the... Continue reading
Posted Mar 18, 2013 at Financial Counsel by Eccleston Law
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FINRA Requests Comment on Proposed New In re: Expungement Procedures for Persons Not Named in a Customer-Initiated Arbitration
The SEC has approved a FINRA rule giving reps a process to correct language on their Forms U-4 and U-5. The new process comes into play for reps who are not named in arbitration proceedings, between customers and firms. Reps... Continue reading
Posted Feb 26, 2013 at Financial Counsel by Eccleston Law
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Don't Cut and Paste Signatures
We often defend reps who themselves or their sales assistants cut corners. Maybe they are rushed. But FINRA cuts them no slack for expedited client service. Mr. Robert P. Gulan was a broker who registered with FINRA from 2002 to... Continue reading
Posted Feb 19, 2013 at Financial Counsel by Eccleston Law
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Recruiters Vote on the Best Firms for Transition
On Wall Street’s Recruiters Roundtable had differing predictions as to whether the panel members shared their views on a host of issues, including which firms are attractive (their “Buy” List), unattractive (their “Sell” list), or neither (their “Hold” list). Eight... Continue reading
Posted Feb 19, 2013 at Financial Counsel by Eccleston Law
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Massachusetts Securities Division files suit against LPL Financial
The Massachusetts Securities Division’s suit against LPL in December for unsuitable sales of nontraded real estate investment trusts has caused LPL to put the brakes on sales. The good news for investors is that LPL informed its 13,000 registered reps... Continue reading
Posted Jan 31, 2013 at Financial Counsel by Eccleston Law
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Business Conduct and Sales practice Examination Priorities from FINRA
As we all know the business and regulatory environments are constantly changing, FINRA changes its regulatory priorities each year accordingly to assess new risks and integrates them into the scope of its programs. Currently retail investors are facing the challenge... Continue reading
Posted Jan 24, 2013 at Financial Counsel by Eccleston Law
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Regulator’s Action Against LPL Financial Underscores Risks of Investing in Non-Traded REITs
The Massachusetts Securities Division has filed a regulatory action against LPL Financial, LLC (“LPL”), seeking full restitution and other relief for investors residing in Massachusetts who were sold non-traded real estate investment trusts (REITs) in violation of Massachusetts law. The... Continue reading
Posted Jan 9, 2013 at Financial Counsel by Eccleston Law
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Merrill Lynch Deferred Compensation
Eccleston Law Offices is currently filing claims on behalf of former Merrill Lynch, Pierce, Fenner & Smith, Incorporated financial advisors who forfeited deferred compensation benefits under the Merrill Lynch Financial Advisor Capital Accumulation Award Plan or other deferred compensation plans... Continue reading
Posted Jan 3, 2013 at Financial Counsel by Eccleston Law
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Statutorily Disqualified Broker is Approved by SEC to Return
In an uncommon development, recently a statutorily disqualified broker was approved to return to the securities business. FINRA filed a notice containing an application (“Application”) with the SEC seeking consent for Bowen to associate with First Liberties Financial as a... Continue reading
Posted Dec 18, 2012 at Financial Counsel by Eccleston Law
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SEC Whistleblower Program Reported To Be A Success in 2012
The SEC recently submitted its Annual Report to on the Dodd-Frank Whistleblower Program for 2012. The report details several features of the program, including the activities of the Office of the Whistleblower, the kind of whistleblower tips received and the... Continue reading
Posted Dec 11, 2012 at Financial Counsel by Eccleston Law
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Advanced Equities Shutting Down
The Chicago-based investment firm Advanced Equities is shutting down broker-dealer operations. Sources say on November 9th, Advanced Equities brokers were told that November 12th would be their last day. However, it is still unclear what will become of the parent... Continue reading
Posted Nov 19, 2012 at Financial Counsel by Eccleston Law
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Recent Court Case May Help Reps Remove Erroneous or Outdated Information on Their CRD
Over the years, FINRA has made several efforts to increase public disclosure of information relating to financial advisors and to make this information more accessible to investors through BrokerCheck. It largely has been accepted that financial advisors can remove customer... Continue reading
Posted Nov 19, 2012 at Financial Counsel by Eccleston Law
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Restitution Available, But Just For Apple REIT Ten Investors
Customers who purchased Apple REIT Ten are eligible to receive restitution from a settlement fund. The amount of restitution will be based on a review of Apple REIT Ten customers and criteria determined by an independent consultant and FINRA staff.... Continue reading
Posted Nov 8, 2012 at Financial Counsel by Eccleston Law
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Calling All Investment Trustees: A Primer on Prudent Asset Management
Anyone charged with the responsibility for managing the investment of assets needs to have a basic understanding of investment principles and concepts. An investment trustee has a fiduciary duty to manage assets prudently. In practice, that means that the trustee... Continue reading
Posted Nov 5, 2012 at Financial Counsel by Eccleston Law
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Eccleston Law Offices Continues to Investigate and Bring Claims Against Behringer Harvard
Reports indicate that the Behringer Harvard Opportunity Fund now is worthless. Investors in the fund allegedly were told that the fund was safe, and that it steadily would appreciate over 3-5 years. Investors reportedly were not informed of the high... Continue reading
Posted Nov 2, 2012 at Financial Counsel by Eccleston Law
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New York Attorney General's Lawsuit Alleges Fraud and Deceit in Sale of Residential Mortgage-backed Securities
The lawsuit against J.P. Morgan for the alleged fraud and deceit by Bear Stearns (a company that J.P. Morgan acquired in 2008) highlights the breadth of the damage caused in connection with sales of Residential Mortgage-backed Securities (RMBS). So far,... Continue reading
Posted Nov 2, 2012 at Financial Counsel by Eccleston Law
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FINRA Examiners Scrutinize Numerous Retail Sellers of Nontraded REITS
In numerous posts and articles I have addressed the problems with nontraded real estate investment trusts (REITs) and the potential shortcomings in how broker-dealers sell them. In several instances, FINRA regulating examiners have found that firms selling these products failed... Continue reading
Posted Nov 2, 2012 at Financial Counsel by Eccleston Law
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