IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
The Illinois order refers to Brandon Ellington’s investment program as a “Ponzi-like scheme.”
The report is the latest in a series of ill winds that continue to buffer managers of private credit funds.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors.
Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.
John S. Winslow, 57, was indicted just over a year ago for his scheme to steal from an elderly client.
Clients sold back $6.9 billion of BDC shares to funds in the first quarter, outpacing fund raising by $2 billion, according to Stanger.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
The writing has been on the wall for Shah’s departure since the end of last year, industry executives said.
