Litigation
Get the latest news and insights on litigation affecting financial advisors and the broader financial services industry.
Merrill Faces Discrimination Suit by Black Ex-Reps
By Jeff BermanTwo former Merrill brokers allege Black advisors at the firm received less compensation and were promoted less often than white advisors.
June 14, 2021
Dentist Turned Advisor Fined Over Fraudulent OfferingsThe advisor has agreed to pay $600,000 to settle allegations he engaged in three separate securities frauds, the SEC says.
June 11, 2021
Ex-LPL Broker Faces Up to 20 Years in Prison for Raiding Clients' AnnuitiesThe former broker has been charged with three counts of wire fraud, one count of mail fraud and one count of aggravated identity theft.
June 10, 2021
Ex-Broker Who Defrauded Older Clients Sentenced to Over 5 Years in PrisonThe former Mutual of Omaha rep was also ordered to pay restitution of $2.4 million to his victims.
June 03, 2021
Ex-Cetera Rep Gets 5-Year Prison Sentence for Defrauding ClientsThe former broker had pleaded guilty to wire and bank fraud on Jan. 14.
June 02, 2021
Ex-LPL Rep Pleads Guilty to Wire Fraud and Identity TheftThe barred broker allegedly misappropriated about $2.9 million from clients, according to the SEC and DOJ.
June 02, 2021
Northern Trust Sued Over 'Poorly Performing' Target Date FundsNorthern Trust loaded its retirement plan with proprietary funds that consistently underperformed, current and former employees allege.
June 01, 2021
'Investment Club' Operator Convicted of Running Ponzi SchemeThe defendant allegedly obtained over $2 million from almost 100 investors, lost some of it and used some for personal expenses.