"I've seen lots of denial in this business but this GPB thing take the cake," says one industry executive.
The current legal battle with a broker-dealer, Alpine Securities, is the latest challenge for the industry regulator.
“The arbitration panel really threw the book at Stifel,” according to one plaintiff’s attorney.
The wealth management business has fallen in line with President Trump's anti-DEI stance, and it’s appalling.
The share price of B. Riley financial has plummeted 78.5% over the past year.
Beneficient, an alternative investment company and formerly a part of GWG, has offered $50.5 million to settle claims related to federal lawsuits.
Meanwhile, Finra’s fines against the brokerage industry declined in 2024.
Calvin Gray repeatedly impersonated victims who were customers of a number of other banks and financial institutions, according to a federal indictment.
The large award comes at a time when the wealth management industry is seeing leading firms sue each other over recruiting each other’s financial advisors.
And GPB founder David Gentile and ex-broker-dealer chief Jeff Schneider want the company to continue paying legal expenses.
