The wirehouse is facing a raft of customer complaints tied to its sales of the commonwealth's municipal bond funds.
Shareholders of United Development Funds, which hasn't filed financial reports for more than a year, are in a state of limbo, according to a plaintiff's attorney.
Government says he took in $1.4 million, diverting some of it to investors and using much of the money on himself.
One analyst says company likely not for sale at this time after all.
Jason Vanclef was also accused of promoting his business through a book he had written that the regulator said made false claims about alternative investments
Regulation, performance and market forces have combined to curtail fundraising this year.
The group of six brokers are joined by 325 confirmed African American brokers or trainees at the firm. There could be another potential 200 class members.
Replacing Mark Casady as chief executive, Mr. Arnold is slated to receive $5.4 million in total compensation next year, almost three times the $1.85 million he earned in 2015.
CFTC orders the registered investment adviser to pay the civil penalty in connection with a commodity pool run by David Zier, the firm's former chief executive.
Firm failed to enforce supervisory systems for the use of consolidated reports generated by their reps, regulator claimed.
