Adam Blank on Monday filed the lawsuit in U.S. district court, southern district of New York against Tripoint Global Equities, related entities and executives. Mr. Blank, and associated trusts, made $1.5 million in investments into the alleged scheme.
The level of trading was unsuitable for the client given her age, risk tolerance and income needs, according to the regulator.
Many broker-dealers &mdash; including Merrill Lynch, Morgan Stanley and Wells Fargo &mdash; are preparing for the changes in operations the rule would have created. <b>Plus: <a href="//www.investmentnews.com/section/video?playerType=INTV&bctid=5309561439001&date=20170203"" target=""_blank"" rel="noopener noreferrer">Advisers react to Trump's DOL rule decision</a></b>
The claimants alleged the Connecticut investment bank negligently supervised its broker.
Ms. Hardwick intends to pursue other opportunities.
Bank's wealth management unit reports higher earnings on lower revenue.
DOL rule could prompt some advisers to move ahead of time &mdash; and others to stay put until they gauge rule's impact.
Not every adviser can be nominated for a Bully, just those who displayed a complete disconnect from their ethics in the course of impersonating a client or some big shot.
Michael J. Breton allegedly cost clients $1.3 million by placing trades through a master brokerage account and then allocating profitable trades to himself while placing unprofitable ones into client accounts.
The self-regulatory organization is planning to investigate 100 to 200 brokers who pose the greatest risk to investors.
