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Finra bars former Morgan Stanley broker who sought client loan for outside activities

March 29, 2018

Finra barred from the industry a former Morgan Stanley broker who allegedly violated rules governing work brokers do outside their firms. In a March 28 agreement, David Warren Olson accepted the ban from the Financial Regulatory Authority Inc.,...

In his first year as LPL Financial's CEO, Dan Arnold's compensation soars

March 29, 2018

In his first year as LPL Financial's CEO, Dan Arnold earned $7.4 million, substantially more than the $5.4 million his predecessor earned in his last year in that position, according to the firm's proxy statement filed with the Securities and...

Merrill Edge looks to hire 300 advisers in 2018

March 29, 2018

As the large wirehouses continue to retrench and search for new ways to train financial advisers, Bank of America said Thursday it was following through on previously mentioned plans to expand its online brokerage platform, Merrill Edge. It...

Finra arbitrators award $475,000 to Morgan Stanley for broker who violated protocol

March 28, 2018

Finra arbitrators awarded $475,000 to Morgan Stanley in a case involving a broker who the firm said violated an industry agreement to make it easier to move from one firm to another. In an award handed down on Tuesday, the panel held that Kevin...

Aegis Capital fined $1.3 million for failing to red flag overseas penny stock trades

March 28, 2018

Aegis Capital Corp. was fined $1.3 million Wednesday for failing to flag suspicious trades as well as for having poor anti-money laundering programs to detect so-called red flags in its sale of penny stocks. Robert Eide, the owner and CEO of...

Sensitive private data mishandled by broker watchdogs, whistleblower claims

March 27, 2018

A whistleblower is accusing some key financial regulators of allowing sensitive broker information to become readily accessible, even as industry watchdogs emphasized the need for companies to protect client data. According to a complaint lodged...

Finra bars no-show former broker fired over fund sales

March 27, 2018

The Financial Industry Regulatory Authority, Inc. has barred Lawrence Fawcett, Jr., a former broker with WestPark Capital, for failure to appear at a hearing looking into his trading activity. In December, Mr. Fawcett consented to a Finra finding...

Not yet a broker, yet barred by Finra

March 27, 2018

The Financial Industry Regulatory Authority, Inc. has barred Holly Arbuckle, who was in the process of becoming a broker at Merrill Lynch, for not appearing at a hearing investigating the circumstances of her dismissal from the firm. On Sept....

Fifth generation rides Edwards brands toward RIA market

March 23, 2018

Ten years after launching his own brokerage business and riding the breakaway broker wave to more than $23 billion under management, Benjamin F. "Tad" Edwards IV sees a fresh opportunity in the registered investment adviser channel. Mr. Edwards...

Brokers must pay clients $845,000 arbitration award

March 23, 2018

Two former brokers involved in a stock fraud scheme have been ordered by a Finra arbitration panel to pay $845,000 to two clients they defrauded. Christopher Cervino and Larry Werbel were involved in a scheme to inflate the market for the shares...

What to make of Morgan Stanley's new robo

March 22, 2018

Morgan Stanley is testing how an old-school gang of brokers and advisers and a newfangled, algorithm-driven robo-adviser can work together. When Morgan Stanley said last May that it was cutting back on recruiting and would focus on building...

Firms exiting broker protocol will suffer, reps say

March 21, 2018

As might be expected, brokers are not especially keen on securities firms leaving the broker protocol, but a new survey from Fidelity finds that firms opting out of the protocol are not likely to prevent reps from leaving. Of the 455 advisers...

Cetera nabs Marquette Bank's $382 million program from Invest

March 21, 2018

The retail wealth management business of Chicago-based Marquette Bank, which manages $382 million in retail client assets, has switched its affiliation from Invest Financial to the financial institutions group of Cetera. Through the change in...

Finra bars former Royal Alliance rep who skipped hearing

March 21, 2018

The Financial Industry Regulatory Authority has barred Gary J. Basralian after the former Royal Alliance broker declined to take part in a hearing investigating alleged fraud. In a letter of acceptance, waiver and consent, Finra said that Mr....

Finra looks to streamline broker-dealer exams

March 20, 2018

Finra could streamline its examination program this year. Robert W. Cook, president and chief executive of the Financial Industry Regulatory Authority Inc., said the agency is reviewing the structure of its exam function, which involves three...

LPL expands securities-based loans through Goldman Sachs

March 20, 2018

Brokers and advisers at LPL Financial Holdings Inc. will now be able to offer clients securities-based lending through Goldman Sachs, the investment banking giant that was one of the lead underwriters in LPL's November 2010 IPO. Goldman Sachs...

Going independent — what does that really mean?

March 19, 2018

When I entered the financial services industry 20 years ago, the term "going independent" referred to registered representatives moving their book of business to an independent broker-dealer and being compensated as independent contractors....

Stocks of brokerages, insurers rally after DOL rule struck down

March 16, 2018

Morgan Stanley and Principal Financial Group Inc. were among banks and insurers that rallied after a U.S. appeals court struck down a sweeping Obama-era rule that aimed to protect millions of Americans from conflicted investment advice. The...

DOL rule may be history, but a fiduciary standard still in the works

March 16, 2018

The latest body blow to the Department of Labor's fiduciary rule continues to divide the financial advice industry. "It's a shame we keep having these conversations when we should just put our foot down, because there shouldn't be an argument...

Merrill vets ready to recharge breakaway recruiting efforts

March 14, 2018

Snowden Lane Partners prides itself in not making a lot of noise around its practice of recruiting breakaway wirehouse teams to join its hybrid broker-dealer and independent investment adviser business. But at more than $4 billion in assets...

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