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Broker-dealer charged fraudulent markups of up to 270% on water disposal deals: Finra

October 2, 2017

Finra has charged a small broker-dealer that created and sold private placement investments in saltwater disposal wells with defrauding investors by charging exorbitant, undisclosed markups totaling more than $8 million on the deals. Sandlapper...

SEC charges three brokers with high-cost unsuitable trading

September 28, 2017

The Securities and Exchange Commission charged three brokers on Thursday with putting their clients into unsuitable investments involving frequently traded stocks that racked up commissions for them but left their clients with losses. The agency...

H. Beck censured, fined $50,000 for unsuitable ETF trades

September 28, 2017

Broker-dealer H. Beck, based in Bethesda, Md., has consented to a Finra censure and a fine of $50,000 over making unsuitable recommendations of nontraditional and leveraged exchange-traded funds. The Financial Industry Regulatory Authority said...

InvestmentNews is looking for the 'Best Places to Work' for financial advisers

September 27, 2017

InvestmentNews is looking for the "Best Places to Work" for financial advisers — a guide to help distinguish which firms around the nation are providing the culture and compensation that talented employees are seeking. The guide will be published...

Fidelity has 'real need' to recruit more women, Johnson says

September 27, 2017

For people well-schooled in the relationship between supply and demand, here's one Fidelity Investments may not have seen coming: The demand for female financial advisers outstrips the supply. Women customers often ask to work with female advisers,...

Kovack Securities buys brokerage assets of Capital Guardian

September 27, 2017

Kovack Securities Inc. said on Wednesday it had purchased the brokerage assets of Capital Guardian, a wealth management firm with 35 financial advisers that shut down its broker-dealer in July, according to its BrokerCheck report. It was Kovack...

What to do when your broker-dealer gets acquired

September 27, 2017

You've heard rumors circulating for some time now that your broker-dealer may be merging or outright acquired by another firm. Then, speculation becomes reality — the firm has just been sold. What do you do now? Don't panic, but prepare vigilantly​...

Finra awards $1.5 million to victims of broker fraud

September 26, 2017

Finra arbitrators have awarded two clients of former broker Christopher Thomas Tolmacs $1.2 million in compensatory damages and $300,000 in punitive damages based on "willful wanton misconduct, conversion of funds and securities fraud." In its...

Fired Ameriprise broker on the hook for $675,000 after losing arbitration

September 22, 2017

An adviser fired by Ameriprise Financial Services Inc. in 2015 is on the hook for $675,000 after a Finra arbitration panel decided against the broker in a dispute with Ameriprise and a client of the broker. The former broker, Li-Lin Hsu, was...

Odd letter highlights fiduciary concerns in Puerto Rico

September 21, 2017

Even when a broker is a fiduciary, he can certainly fail to act like one. Take, for example, the case of Oriental Financial Services Corp. It is a small broker-dealer that is part of a larger financial services company based in San Juan, Puerto...

With margins crashing, broker-dealers look to merge: report

September 21, 2017

As operating margins of independent broker-dealers have crashed over the last decade, two types of business models have emerged as the industry steadily consolidates: large firms with scale and smaller, more focused firms serving a niche. That's...

SEC bars rep sentenced for securities fraud

September 19, 2017

The Securities and Exchange Commission Inc. has barred former broker Gerald Cocuzzo for his role in a $131 million market manipulation scheme involving the shares of ForceField Energy. In July, Mr. Cocuzzo, of Delray Beach, Fla., was sentenced...

SEC bars former rep for alleged share price manipulation

September 18, 2017

The Securities and Exchange Commission has barred George Thoreson, a former broker with Wells Fargo Advisors, for his alleged role in a scheme to manipulate the reported share price and volume of a penny stock. Mr. Thoreson, who lives in the...

Finra bars former First Allied broker with history of social media miscues

September 18, 2017

A broker fired by First Allied Inc. earlier this year — and with a history of social media snafus — was barred by the Financial Industry Regulatory Authority Inc. First Allied fired John Kai in April for violating "numerous firm policies,"...

Broker-dealers and RIAs at loggerheads over fiduciary rule delay

September 15, 2017

Broker-dealers and registered investment advisers are very much at odds over any potential delay of the Department of Labor's fiduciary rule. Broker-dealers in a full-throated roar are supporting the Department of Labor's proposed 18-month delay...

Cathay Bank's $507 million retail brokerage business returning to Cetera

September 14, 2017

Cetera Financial Group on Thursday said that Cathay Bank will move its retail and wealth management brokerage business from LPL Financial to Cetera Financial Institutions, a broker-dealer that specializes in working with advisers in banks and...

Advisor Group broker-dealer gets new CEO

September 13, 2017

FSC Securities Corp. said on Wednesday morning that industry veteran Derek Burke was replacing Jerry Murphy as president and CEO of the firm. With about 1,000 financial advisers, FSC is one of the four broker-dealers that constitute the Advisor...

It's been a good year for publicly traded brokerage firms — but not all

September 13, 2017

Wall Street's expectation of a pullback in securities regulation by the Trump administration and a delay or outright repeal of the Department of Labor's fiduciary rule has launched a rally this year in brokerage stocks — at least for most...

Finra bars recently fired UBS Miami broker

September 13, 2017

The Financial Industry Regulatory Authority Inc. has barred a broker that UBS Financial Services Inc. fired earlier this summer for giving clients documents with false account information. The broker, Lorenzo C. Esteva, was based in Miami and...

Finra bars former Morgan Stanley broker for dealings with client who later became his wife

September 13, 2017

Finra has barred a former Morgan Stanley broker who was fired for his financial arrangements with a client, even though he later married her. Morgan Stanley fired Michael J. O'Connor in January "based on concerns related to the timing of his...

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