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SEC charges former Long Island broker with $8 million scam

May 31, 2018

The Securities and Exchange Commission has charged former Long Island, N.Y., broker Steven Pagartanis with defrauding long-standing customers in an $8 million investment scam. The Suffolk County district attorney's office also filed criminal...

Is David Lerner still chomping on the proprietary product apple?

May 31, 2018

Brokerage firms that sell lucrative proprietary products, such as mutual funds built and managed by company executives, face an inherent conflict of interest. It's a story that's as old as investing. When a registered rep sells a client such...

Former Transamerica broker assistant barred for forging customer signature

May 31, 2018

The Financial Industry Regulatory Authority Inc. has barred a brokerage assistant formerly employed by Transamerica Financial Advisors for signing a customer's name on forms and documents in connection with an account transfer. The assistant,...

Former AXA broker in Arizona charged with $475,000 client theft

May 30, 2018

A former AXA Advisors broker in Scottsdale, Ariz., has been indicted on charges that he stole $475,000 from three of his clients' retirement accounts, according to a statement by the state attorney general's office reported by azcentral.com....

Morgan Stanley wants brokers to use new tech to chase $2 trillion in assets held outside the firm

May 29, 2018

Morgan Stanley is betting that its brokers will use a new, integrated wealth management platform to grab some of the roughly $2 trillion in assets its clients currently hold outside the firm. In a presentation Tuesday in New York that focused...

Ex-Edward Jones broker sues former firm, alleging racial bias

May 25, 2018

A former Edward D. Jones broker sued the firm Thursday, claiming widespread, intentional racial discrimination in the firm's policies and practices. The ex-broker, Wayne Bland, is African-American and worked at Jones from 2014 to 2016. The lawsuit,...

SEC proposes rules to make ETF research easier for broker-dealers

May 25, 2018

The Securities and Exchange Commission proposed rules Wednesday that would make it easier for brokers or dealers to publish research on mutual funds, exchange-traded funds and business development companies without worrying about it being considered...

$14 billion hybrid Sheridan Road staying with LPL, launching own RIA

May 25, 2018

Sheridan Road Financial, an advisory firm overseeing roughly $14 billion, has decided to leave Independent Financial Partners, a mega hybrid registered investment adviser, to start up its own RIA. At the same time, Sheridan Road, which has a...

Meet William Glubiak, CEO of $2 billion firm Cedar Brook Group

May 24, 2018

William Glubiak is in the middle of moving Cedar Brook Group from a brokerage model to a hybrid firm with a registered investment adviser, a strategy he expects will lead to explosive growth. In this edited interview, the CEO of the $2 billion...

Morgan Stanley wants to double asset manager's size to $1 trillion

May 23, 2018

James Gorman would like his asset management division to join the $1 trillion club. Morgan Stanley's CEO said he wants the unit to hit that level of client assets, in response to a question about his view on the next five to seven years at a...

UBS latest to make push for young, diverse advisers

May 22, 2018

Correction: An earlier version of this story incorrectly stated that 20 young advisers had completed UBS' general adviser training program. That is the number that have started the program.​ UBS Wealth Management Americas is the latest firm...

Supreme Court decision likely to prevent brokers from filing class-action lawsuits

May 22, 2018

A Supreme Court decision handed down yesterday will likely curb brokers' ability to band together in lawsuits against broker-dealers to fight perceived wrongdoing in the workplace. In a 5-4 decision, the Supreme Court on Monday ruled that companies...

Arbitration over employment agreement nets adviser $267,000

May 21, 2018

In a Finra arbitration in which both the broker and the broker-dealer claimed breach of contract, Francis G. Mitchell has been awarded $784,800 and the firm — Coastal Equities — $517,575, for a net of $267,225 to the broker. The case involved...

Wells Fargo sees slowdown in advisers exiting this year

May 17, 2018

Wells Fargo Advisors has slowed the bleeding of its financial advisers that began after September 2016. That's when Wells Fargo & Co. revealed a scandal in its retail banking that resulted in the company being fined $185 million for opening...

SEC, Finra nab two firms for AML violations

May 16, 2018

The SEC has censured Chardan Capital Markets and Industrial and Commercial Bank of China Financial Services (ICBCFS) and settled charges against them for failing to report suspicious sales of billions of penny stock shares. Without admitting...

Waddell & Reed sees flurry of senior staff departures

May 16, 2018

Waddell & Reed Financial Inc. has seen a flurry of departures of senior executives from the company and its related mutual fund businesses. On April 17, the company's general counsel and chief legal officer, Wendy J. Hills, left the company,...

California rep files class action suit against Morgan Stanley

May 15, 2018

A former Morgan Stanley broker in San Francisco has filed a class action suit against the firm, saying that it violated California labor law and "unlawfully undercompensated" its reps in California for their work. The suit filed by Brandon Harvey,...

Finra sheds more light on how it determines fine amounts

May 15, 2018

Finra has begun to shed more light on how it determines the fines it levies on firms that violate its rules. In a case last week involving Fifth Third Securities Inc., the Financial Industry Regulatory Authority Inc., the broker-dealer self-regulator,...

With female managing partner in the wings, Edward Jones emphasizes diversity

May 10, 2018

At a time when the financial advice industry is desperately attempting to become younger and more diverse, Edward Jones' move earlier this week to tap a woman as its next managing partner will only make the firm more attractive to potential...

Finra bars broker it was investigating for taking customer funds

May 10, 2018

The Financial Industry Regulatory Authority Inc. has barred former broker James Knee for failing to take part in a hearing looking into his activities at two former employers, Ameriprise and Voya. Finra said it was investigating allegations...

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