Litigation
Get the latest news and insights on litigation affecting financial advisors and the broader financial services industry.
October 04, 2021
SEC Charges Stock Trading Webcast Host in Pump-and-Dump SchemeThe former broker already pleaded guilty, in a parallel action, to conspiracy to commit wire and securities fraud.
October 04, 2021
Bill Gross Found in Contempt of Court, Gets Suspended Jail TimeAfter flouting a judge's order not to annoy his neighbor with loud music, the Pimco co-founder must pay $1,000 and do two days of community service.
October 01, 2021
Barred Broker Who Bankrupted BD Is Charged With Fraud: DOJThe broker's unauthorized speculative bond trading cost his employer and others over $30 million, according to the SEC and DOJ.
October 01, 2021
Supreme Court to Hear Ex-Ameriprise Advisor's Arb Case ChallengeAdvisor Denise Badgerow had alleged she was fired from Ameriprise affiliate REJ Properties in retaliation for reporting the conduct of REJ's principals.
September 30, 2021
Class-Action Suit Over Allstate 401(k) Plan Can Go ForwardA judge has dismissed a motion to drop a suit against Allstate and its plan fiduciaries for mishandling 401(k) management choices.
September 29, 2021
DOJ, SEC Charge Ex-Advisor With Bilking 3 Older ClientsThe ex-broker used the money to pay for luxury cars, vacations, private school tuition and a gold necklace, according to the authorities.
September 28, 2021
Wells Fargo to Pay $37M to Settle Fraud LawsuitThe case involves 771 clients, including businesses and banks, that were charged too much for foreign-exchange transactions.
September 27, 2021
Barred Broker With 37 Client Complaints Hit With SEC Fraud ChargesMichael Shillin is accused of deceiving more than 100 clients on matters including insurance, pre-IPO shares, taxes and retirement accounts.
September 24, 2021
Ex-OppenheimerFunds Analyst Charged With $8.5M Insider Trading SchemeThe former analyst and current CEO of healthcare tech firm WellAI is accused of front-running trades.
September 24, 2021
Ex-Broker Gets 35 Years in Prison for $25M Scam Targeting SeniorsThe ex-rep and his co-conspirators sold speculative securities and pocketed much of the proceeds, prosecutors said.