The GWG L bond debacle has been unwinding for several years.
Stifel has paid or is on the hook for close to a staggering $200 million in damages and settlements to former clients of Chuck Roberts.
Reid & Rudiger opened in 1999, the height of the dot.com stock boom.
The alternative investment industry is primed to expand into 401(k)s, a multi-trillion dollar market they have been shut out of.
Investors in the first quarter of the year pulled $1.8 billion from the 10 largest direct lending funds,
“AI is clearly having an impact on the level of staff firms need to operate,” a recruiter said. “The other issue hurting jobs is consolidation."
“The father even shared office space with the son and used a Medallion Guarantee stamp on the client’s account statements,” an attorney said.
It is the latest in a series of stunning and multi-million dollar FINRA arbitration awards that Wall Street firms have lost in the past few years.
“BCRED is a huge fund, so thousands of people must have been trying to sell their shares,” said one industry executive.
Demand for digital assets from retail investors and their advisors is likely to keep increasing.
