Law and legal issues

The former planner says she was wrongfully terminated and that she did not agree to settle with the wirehouse.

Meanwhile, a prominent Republican congressman called on President Trump to delay the regulation's implementation.

The “Pirates of the Caribbean” and “Edward Scissorhands" star accuses his onetime planners of fraud and negligence in a $25 million lawsuit. The former advisors have countersued.

The firm is preparing for the fiduciary rule and contesting a lawsuit alleging that Raymond James allowed a $350 million fraud to be perpetuated.

One barred broker borrowed funds from clients without approval, according to FINRA.

A recent court case demonstrates how the criminal liability has dramatically increased, even in the absence of a monetary benefit for the tipper.

"There is an added sense of urgency now," says Barbara Roper, director of investor protection at the Consumer Federation of America.

Their attorney said he would instead file claims in arbitration.

Morgan Stanley, a previous employer, won $243,000 in an earlier arbitration case.

The spat between the firms started when the regional BD recruited a group of advisers who collectively oversaw about $1.1 billion in client assets.

The arbitration award comes a month after the wirehouse had to pay a similar amount to clients stemming from the sale of debt from the island commonwealth.

A husband and wife alleged they were advised to cash out nearly $1 million of their pension money for risky investments, according to their lawyer in FINRA arbitration.

Citigroup Global Markets paid a $1 million penalty to New York State for overcharging more than 47,000 customers. It will also reimburse the customers.

OSHA supports ex-broker Johnny Burris’ firing because he allegedly faked company letterhead. Burris says the bank approved the altered letter years before.

The decision vindicates ex-broker Johnny Burris, but also supports the move to fire him. However, a bank document obtained by Financial Planning casts doubts on the reason for his termination.

The adviser misappropriated $268,680 from the brokerage accounts of five elderly clients, one terminally ill.

Black employees at the firm say lucrative client accounts were often steered toward financial advisers who weren’t black.

The adviser had been employed with the firm for seven years prior to her dismissal, and had no disclosures on her BrokerCheck record.

The regulator said "significant deficiencies" affected hundreds of millions of records.

The firm was accused of using transactions with an affiliate to reduce the amount it was required to keep in its customer reserve account.