A former middle school and high school English teacher, Bruce Kelly started at InvestmentNews in 2000 as the brokerage reporter after a two-year stint at sister publication Pensions & Investments. He writes a bi-weekly, award winning column, On Advice, and covers the independent broker-dealer industry.
Yesterday, Securities America and parent Ameriprise struck a deal with attorneys representing investors who bought private placements that went bust. Today, lawyers involved in the negotiations say the deal could unravel if a handful of clients opt out of the agreement.
Ameriprise Financial Inc. has reached a $27 million settlement with investors who bought private placements that have gone bust from reps at its independent broker-dealer subsidiary, Securities America Inc., according to an attorney with knowledge of the matter.
A year after pulling off the high-profile acquisition of a leading network of independent broker-dealers, Lightyear Capital LLC, which is controlled by former PaineWebber Inc. chief executive and chairman Donald Marron, is back in the market looking to raise more than $1 billion from investors
Securities America Inc. scored a huge legal victory last week when a federal judge in Dallas halted three upcoming Finra arbitration cases against the firm and its brokers over the sale of alleged bogus private placements
The Securities and Exchange Commission continues to crack down on Reg D offerings. This go-round, the regulator issued a cease-and-desist order to Capital Financial over the firm's alleged lack of due diligence on a series of privately issued notes.
According to a source, Securities America has offered arbitration plaintiffs about 50 cents on the dollar to settle their claims over Red D offerings that went bust
Don't expect Securities America Inc. to extricate itself anytime soon from the legal headaches and expenses connected with the private placements it sold from Medical Capital Holdings Inc., a now-bankrupt company that turned medical receivables into promissory notes
Securities America Inc. was dealt a costly legal blow on New Year's Eve when a Finra arbitration panel awarded almost $1.2 million in damages and legal fees to a client who sued the firm and a broker over the sale of private placements that regulators have alleged were fraudulent.
Loscalso claims he was axed for warning firm about lax oversight of brokers; 'fraud, forgery'
Securities America Inc. and the Massachusetts Securities Division locked horns last week over the regulator's charges that the firm misled 60 investors in the state who bought $7.2 million in Medical Capital notes from the firm's reps.
