Michael S. Lee will run the New York territory for First Republic's wealth management business.
Wirehouse says it would not be able to work there under state's current proposal.
What did IBDs that sold GPB private placements know about its trash hauling companies?
Under the changes, retiring reps get a 25% bonus and younger advisers get help acquiring the business of those leaving the firm.
The firm is luring clients by reducing interest rates on mortgages by as much as half a percent.
Agency's inquiry follows SEC and Finra investigations into private placement firm, which has raised $1.8 billion from wealthy investors.
Chairman says management is 'rock solid' despite the departure of CEO Robert Moore.
Merrill embraces it, while Wells Fargo has moved away from the practice.
The broker, Bruce Worthington, allegedly took nearly $100,000 from client's account over 13 years.
CEO Robert Moore's resignation signals further adjustments at the IBD network.
