Law and legal issues

Rapidly growing multifamily office Cresset and similar firms have been adding advisors in droves even as wealth managers take them to court.

Officials said when he could no longer keep his investment fraud running, Scott Nicholson admitted to his clients that their money was gone and their investment was worthless.

R. David Yost and his soon-to-be-former son-in-law are slugging it out in court over allegations of tax evasion.

Furman Alexander Ford, who once jumped his fence to avoid federal agents, will head back to trial in May for a separate criminal case involving Medicare fraud.

Jeffrey Santulan and his company, Safeguard Metals, are facing enforcement actions by the SEC, the Commodity Futures Trading Commission and 27 state securities regulators.

The wirehouse and its attorney “manipulated the arbitrator selection process” and “introduced perjured testimony,” according to the ruling.

A client received damages, interest and attorney fees as wealth managers await more fallout from a major fraud case.

FINRA alleges the firm failed to maintain control of billions of dollars in securities and spent more than a decade inaccurately disclosing potential conflicts of interest.

Officials said for nearly a decade, former New York advisor Perry Santillo defrauded clients to throw six-figure birthday parties and fill his closet with $10,000 suits.

Clients with a dispute against their advisor are often compelled to pay upfront for arbitration, which is unfair, write attorneys Christine Lazaro and Michael Edmiston.

A 53-year veteran broker who filed a complaint as a client after airline stock values plummeted has received a $595,000 settlement.

Keith Todd Ashley has been arrested, jailed and indicted multiple times in connection to murder, fraud and a fabricated suicide.

Raymond James resolved a million-dollar arbitration claim that won’t appear on anyone’s BrokerCheck, thanks to the panel’s decision.

Federal authorities say ex-PNC advisor Tara M. Brunst acted as a recruiter in a scheme that defrauded 54 people.

While the giant wealth manager has won the balance of 23 decisions so far, it’s facing a wave of cases seeking hundreds of millions in damages.

Democrat-leaning states argue that the $10,000 SALT cap deduction is politically motivated and violates the U.S. Constitution.

The midsize wealth manager racked up millions of dollars in sales of an alternative product without adequate due diligence, according to FINRA.

If approved, the agreement would resolve claims over two security breaches that compromised personal information of 15 million current and former clients.

From stealing millions to murder investigations, here are 13 big crime and court stories covered by Financial Planning in 2021.

The firm will pay restitution and fines to settle allegations that it failed to flag more than 100 client accounts for overconcentration in high-yield bonds.