The Financial Industry Regulatory Authority Inc. last month suspended Sandlapper Securities, which it charged in 2017 with defrauding investors with exorbitant, undisclosed markups totaling more than $8 million on private placement deals.
Sandlapper Securities is a small broker-dealer that created and sold private placement investments in saltwater disposal wells. Such wells are used to get rid of water collected as a byproduct of oil and gas production.
The firm is facing the prospects of being kicked out of the brokerage industry if it doesn't respond to Finra's latest move involving the firm, according to its BrokerCheck profile. “If Sandlapper Securities fails to request termination of the suspension within three months of the notice … it will automatically be expelled” from Finra, according to the firm’s BrokerCheck profile.
Sandlapper's CEO, Trevor Gordon, did not return calls on Thursday to comment.
When Finra filed its complaint against Sandlapper two-and-a-half years ago, it reported that the firm had close to 60 registered representatives in 13 branch offices.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
New director David Woodcock puts firms on notice over fees, conflicts, and liquidity risk as private credit shows signs of stress.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
