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.
Phil Fiore Jr. was part of an $8 billion team and was selected by Barron's as a top adviser in Connecticut in 2015. <i><b>(More: <a href="//www.investmentnews.com/article/20161221/FREE/161229983/former-registered-representative-in-texas-arrested-for-internet"" target=""_blank"" rel="noopener noreferrer"> Former registered representative in Texas arrested for internet Ponzi scheme</a>)</i></b>
First Capital Real Estate Trust, formerly known as United Realty Capital Trust, has also missed filing financial statements with the SEC for more than a year and recently cut its dividend to investors.
Mr. James has long been involved in leadership roles at the broker-dealer his father founded in 1962.
The Denver area practice will operate as First Avenue Wealth Partners.
Massachusetts' William Galvin charged the nation's largest independent B-D with failing to supervise a top-producing broker who allegedly committed fraud in selling unsuitable VAs.
