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.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.