Law and legal issues

JPMorgan Chase executives were supposed to make sure employee communications were archived for regulatory scrutiny. But for years, even the bosses were using their mobile phones to tap out work-related messages — a practice so pervasive that U.S. authorities dropped the hammer Friday, imposing $200 million in fines.

The orders from FINRA and the SEC respectively fault the firms for unsuitable rollovers and deficiencies exposed in a microcap scheme.

Paul Ricky Mata started a real estate scheme in 2008 that allowed him to drain more than 100 victims of millions. His victims will never fully be repaid.

Former rep Edward L. Turley has at least five other pending arbitration cases seeking more than $62 million in damages.

Gwen Campbell is pursuing mandatory arbitration with the Wall Street institution over allegations that its private bankers aggressively courted her star clients.

The former Merrill Lynch, Wells Fargo and Citigroup broker who spent five years stealing from his friends and family to live a luxurious life will now spend even longer behind bars.

Jeffrey Slothower, a former registered investment advisor and founder of Battery Private, has been charged with wire fraud, investment advisor fraud and money laundering.

The U.S. brokerage arm of the Swiss bank must pay damages under a FINRA arbitration case otherwise found to be ‘clearly erroneous.’

JPMorgan Chase is preparing to pay roughly $200 million to resolve U.S. regulatory investigations into lapses over monitoring employee communications.

The ruling may offer hope for Gwen Campbell, who alleges that JPM’s private bank is “poaching” and “siphoning” her celebrity clients’ assets away from her management and paycheck.

FINRA arbitrators tossed the case alleging negligence and fraudulent misrepresentation based on the wirehouse’s earlier settlement with the estate.

Brokerages cannot be held to the same standard as financial advisors, the fintech company argued.

The bank’s star recruit, a veteran advisor to famous authors, financiers and professional athletes is not happy about what she alleges is 'poaching.'

The settlement follows at least three other cases involving the bank-based brokerage’s supervision this year.

The case revolved around unit investment trusts, the same product that later showed up in a major SEC enforcement action against the brokerage.

Avantax Wealth Management says it had to cancel its advisor event because of COVID. But the Nashville resort that planned to host the meeting says it’s still owed $1.3 million, despite the circumstances.

An arbitrator ordered the minuscule payment despite taking the wirehouse to task in the ruling.

Ronald T. Molo of Illinois allegedly stole money from his clients for mortgage payments, home renovations, luxury SUVs and more.

In early September, a California jury awarded former Edward Jones broker Dalas Gundersen $30 million in damages for defamation from the firm, nearly $9 million more from the two ex-colleagues.

Amid rising criticism of bans on court filings in wealth management, the firms’ customer agreements are getting as much scrutiny as those of brokerage firms.