Litigation

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

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.

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.

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.’

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 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.