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.
