Firm alleges that Ryan C. May, now working for Ameriprise, violated the terms of his employment contract and the terms of the broker protocol for recruiting agreement.
Acquisition of Capital One's advisers represents growing trend among independent broker dealers.
The firm is working on reducing the number of funds on its platform further and will be converting some funds investors hold from C shares into A shares.
Online brokerage platform also plans to open 600 new investment centers by 2020.
One factor was the competition for NPH advisers as IBDs record double-digit increases in the amount spent on forgivable loans.
Firm admitted it failed to file 'suspicious activity reports' on numerous suspicious transactions, the SEC says.
The former chief accounting officer was sentenced to time served for her role in the fraud that led to the unraveling of Nicholas Schorsch's real estate-based empire.
The five-member team will be based in Miami, Houston and New York.
The brokerage's focus on digital could be a way to retain younger clients or an effort to catch up with Merrill.
The president of the company's wholesaling broker-dealer is the latest senior executive to leave.
