An SEC filing did not say why the firm is being investigated and a lawyer for the firm declined to comment.
The transaction comes as industry executives and consultants expect more consolidation in the IBD industry.
Unsecured creditors claim one-time REIT czar and his partners siphoned revenue from RCAP to enrich themselves, leaving shareholders in the lurch.
His proposal to allow more Americans to invest in private placements is fraught with risk, mostly to retirees who fall prey to brokers motivated to sell these deals by high commissions.
Finra suspended Adam C. Smith for one year and imposed a $10,000 fine for accepting gifts totaling $105,000.
Mr. Putnam was a key architect in the early days of the firm, overseeing its tremendous growth.
Frank H. Black and his firm, Southeast Investments N.C. Inc., failed to retain business-related emails and to achieve compliance with applicable securities laws, according to the Finra panel's decision.
Some affiliates say the firm is competing against them for recruits.
The firm will make a final payment to investors who bought promissory notes issued by MedCap, a $1.7 billion Ponzi scheme sold mainly through independent broker-dealers.
More than 20 claimants initially sought $8.8 million in damages and costs after a Morgan Keegan adviser allegedly misappropriated their funds.
