Eccleston Quoted In The Wall Street Journal In An Article On Broker Penalties For Misleading Clients
May 12, 2009
Securities partner James Eccleston is quoted in an article appearing today in The Wall Street Journal [page D2]. Jim is the head of the securities group at SNSFE.
"Brokers Could Face New Penalties in Future for Misleading Clients," by Jessica Papini discusses the indictment of former broker David McFadden for allegedly conspiring to defraud elderly investors out of their retirement money.
According to the article, it is an unusual case and represents new legal terrain for financial advisers.
"This prosecution provides a warning to all brokers that, in egregious cases of customer fraud, sanctions may not end with Finra's barring the broker from the securities industry, but may, instead, end up with jail time," Jim said.
PDF of article.
Securities partner James Eccleston is quoted in an article appearing today in The Wall Street Journal [page D2]. Jim is the head of the securities group at SNSFE.
"Brokers Could Face New Penalties in Future for Misleading Clients," by Jessica Papini discusses the indictment of former broker David McFadden for allegedly conspiring to defraud elderly investors out of their retirement money.
According to the article, it is an unusual case and represents new legal terrain for financial advisers.
"This prosecution provides a warning to all brokers that, in egregious cases of customer fraud, sanctions may not end with Finra's barring the broker from the securities industry, but may, instead, end up with jail time," Jim said.
PDF of article.
