Two large independent broker-dealers are latest to retain commission structure. <b><i>(More: <a href="//www.investmentnews.com/article/20161030/FREE/161029902/broker-dealers-split-on-commissions-in-wake-of-dol-fiduciary-rule"" target=""_blank"" rel="noopener noreferrer">B-Ds split on commissions in wake of DOL rule</a>)</i></b>
Investors Capital is in the process of closing down and moving its advisers to another Cetera firm.
The regulator cited a broad breakdown with the firm's failures to supervise client and adviser information.
Regulator says new type of VA is highly complex and uses structured products &mdash; not mutual funds &mdash; in the sub account as the underlying investment.
Mr. Casady will continue to work with Vestigo Ventures, a venture capital firm based in Cambridge, Mass.
Amy Webber will become the firm's new chief executive, while Mr. Schwartz takes on the role of executive chairman.
The team had $288 million in client assets and generated $1.7 million in fees and commissions annually.
Largest award to date as investors seek to recoup funds lost investing in public projects on the Caribbean island.
The new head of one of the largest independent broker-dealers served as head of wealth management at UBS's Advisor Group Americas.
