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In separate cases, two federal judges found that neither Wells Fargo nor LPL had a fiduciary obligation to look for clients' best interests with uninvested cash held in brokerage accounts.
10h ago -
A FINRA arbitration panel's decision marked a rare rebuke for a large wealth manager seeking to reclaim money it provided an advisor recruited from a rival.
June 30 -
George "Keith" Demetriades was accused of violating nonsolicitation clauses and misappropriating trade secrets after leaving for an RIA in 2023.
June 17 -
Now at Wells Fargo, Matthew McCrea is accused of violating a nonsolicitation agreement he signed at JPMorgan. The suit echoes allegations JPMorgan made days earlier against a broker now at Morgan Stanley.
June 16 -
An advisory panel has recommended changes that would bring arbitration rules for RIAs into line with those now governing FINRA proceedings for broker-dealers. The proposal still has to get through the SEC.
June 12 -
State regulators accused LPL Financial, Edward Jones, Stifel, RBC and TD Ameritrade of charging their clients unreasonably high and unfair commissions on 1.12 million equity trades over a five-year period.
June 10 -
Laura Sullivan stands accused of accessing confidential customer data and violating a nonsolicitation agreement by bringing along at least 15 client households.
June 9 -
Retired investor Tracy Driver alleges he was encouraged to put millions into a now delisted media company and then lost more through unauthorized sales of "prized" shares in Nvidia, Microsoft and Alphabet.
June 5 -
Randy Anderson worked as a broker for nearly 25 years without a complaint before being accused of making unauthorized trades by a client who, his lawyer says, actually ended up saving money.
June 5 -
Investor advocates and others worry that recent changes to who can serve on FINRA panels will exclude arbitrators most likely to be sympathetic to ordinary investors.
June 4