"The settlement proceeds are being used to reimburse outstanding legal and other third-party expenses in accordance with the funds’ governing investment documents, not as corporate profit," a company spokesperson told InvestmentNews.
Osaic has now paid $17.2 million to settle claims involving former clients of Jim Walesa.
Edward Jones' job cuts and overall realignment internally are contributing to higher costs for the company, it said in its recent quarterly report.
RIAs like IFC Advisors directly compete against firms like Wells Fargo Advisors for financial advisors.
However, Raymond James has had success recruiting Commonwealth advisors.
Most firms place a limit on advisors’ sales of alternative investments to clients in the neighborhood of 10% a customer’s net worth.
The agent, Todd Bernstein, 67, has been charged with four counts of insurance fraud linked to allegedly switching clients from one set of annuities to another.
Sieg, 58, was head of Merrill Wealth Management, left in 2023 and returned that September to Citigroup, where he worked before being hired by Merrill Lynch in 2009.
Yieldstreet real estate funds turned out to be far riskier than some clients believed them to be, according to CNBC.
Linqto Inc. was one of the first tech platforms to promise access to small investors into the high-risk, high-reward world of private investments.
