Results for "broker-dealers"

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SEC charges Michigan-based adviser in $2.7 million investment scam

September 19, 2018

The Securities and Exchange Commission charged a Michigan-based financial adviser with defrauding elderly retirees and other unsophisticated investors out of $2.7 million. ​ According to the SEC, Ernest J. Romer III persuaded at least 30 of...

Another veteran recruiter walks away from LPL

September 18, 2018

Another veteran recruiter has walked out the door at LPL Financial, with veteran David Symecko last week moving to Fidelity Clearing and Custody Solutions. LPL has long been considered an industry powerhouse when it comes to recruiting and has...

LPL nabs $300 million firm from Cetera Financial

September 17, 2018

LPL Financial has recruited a $300 million advisory firm from Cetera Financial Group. Multop Financial, based in Bellingham, Wash., was founded in 1976 by Air Force veteran Phillip Multop. Today, the firm includes three financial advisers, three...

House committee approves bill to ease audit requirements for small broker-dealers

September 13, 2018

The House Financial Services Committee approved legislation Thursday that would ease audit requirements for small broker-dealers. But the measure heads to the House floor on a 36-16 vote with the panel's top-ranking Democrat, Rep. Maxine Waters,...

No changes to compensation plan for UBS advisers in 2019

September 12, 2018

UBS Wealth Management's 6,936 financial advisers in the United States will see little to no changes next year in how they are paid by the firm, according to an internal document obtained Wednesday afternoon by InvestmentNews. The status quo...

Raymond James nabs $203 million team from Morgan Stanley

September 11, 2018

O'Neill Wealth Management, a Mount Laurel, N.J.-based advisory firm with $203 million in client assets, has left Morgan Stanley to join Raymond James & Associates, the firm's employee broker-dealer. The advisory firm is comprised of a team of...

Ladenburg chairman charged with fraud by SEC in penny stock scheme

September 10, 2018

Dr. Phillip Frost, the non-executive chairman and largest shareholder of Ladenburg Thalmann Financial Services Inc. has been charged with fraud by the Securities and Exchange Commission for his involvement in a pump-and-dump, penny stock scheme....

SEC charges two brokers for churning that lost clients $3.6 million

September 10, 2018

The Securities and Exchange Commission charged two brokers with excessive trading in client accounts, also known as "churning," which the agency claims resulted in an aggregate $3.6 million in losses for clients and generated $4.6 million in...

Galvin orders SII to pay restitution on nontraded REIT sales

September 7, 2018

Massachusetts Secretary of the Commonwealth William Galvin banged away Friday on another independent broker-dealer for sales of nontraded real estate investment trusts, this time ordering SII Investments Inc. to pay money back to clients who...

Former Morgan Stanley broker to plead guilty to insider trading

September 6, 2018

A former Morgan Stanley broker plans to plead guilty for trading on secret tips about pending mergers that were leaked by a Bank of America Corp. consultant, prosecutors said. The broker, Michael Siva, was one of seven people charged with securities...

William Galvin wins again in Massachusetts

September 6, 2018

The odds increased earlier this week for Massachusetts Secretary of the Commonwealth William Galvin to continue to be a thorn in the side of the securities industry for another four years. That's because Mr. Galvin, who has held the office since...

Wells Fargo said to face Justice Department probe of wholesale banking unit

September 6, 2018

Wells Fargo & Co. is facing a Department of Justice investigation into whether employees in the company's wholesale banking unit improperly altered customer data, a person familiar with the matter said. The changes were made to meet a regulatory...

Ex-Wells Fargo broker suspended for coaching client to lie about excessive commissions

September 6, 2018

A former Wells Fargo Advisors Financial Network broker who coached an elderly client to respond falsely to the firm when it asked her about his excessive commission charges agreed on Wednesday to an eight-month suspension and a $10,000 fine....

Turns out commissions are OK at Commonwealth Financial, JPMorgan, Merrill Lynch

September 6, 2018

Last week, Merrill Lynch said it was reversing its ban on commissions in individual retirement accounts now that the Department of Labor's fiduciary rule is officially dead. It turns out the home of the thundering herd is not the only retail...

DOL fiduciary rule caused $14 billion in stock losses for investment firms: report

September 5, 2018

The Department of Labor's fiduciary rule led to "tremendous" losses for brokerage and other investment firms, causing billions of dollars to be shed from their market valuations as investors feared the rule would hurt profitability, according...

In latest A-share discount snafu, broker-dealer pays $1.37 million to clients

September 5, 2018

The Financial Industry Regulatory Authority Inc. flagged another broker-dealer for not giving clients discounts when they bought mutual fund A shares, this time reaching a settlement with Lincoln Investment Planning in which the firm paid $1.37...

Under a cloud at Merrill Lynch, two brokers find new home at giant hybrid

September 4, 2018

Two brokers who left Merrill Lynch earlier this year — one who was permitted to resign and the other discharged — have landed with Stratos Wealth Network, a hybrid broker and RIA with 284 advisers and $13.3 billion in client assets. Stratos...

Wells Fargo to combine bank and wirehouse reps under one roof

August 30, 2018

Wells Fargo & Co. has unveiled the first phase of a $4 billion cost-cutting plan that will fold its bank brokerage channel into the larger wirehouse channel, according to an internal memo obtained by InvestmentNews. The memo from Jon Weiss,...

Merrill Lynch reverses policy on banning IRA commissions following death of DOL fiduciary rule

August 30, 2018

Merrill Lynch is reversing its ban on commissions in individual retirement accounts, undoing a first-of-its-kind policy among the major brokerage firms that was established nearly two years ago as the Department of Labor fiduciary rule loomed...

Advisers in a pickle over low-yielding cash sweep accounts

August 29, 2018

With interest rates edging higher and stock market valuations hitting peak levels, cash management is becoming a center-stage issue for financial advisers, and one that could have fiduciary implications. While cash typically makes up only a...

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