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.
Admits to stealing money from a family's trusts that he was managing and using it for personal expenses. <b><i>(Related read: <a href="//www.investmentnews.com/article/20160519/FREE/160519910/massachusetts-investment-adviser-gregg-caplitz-sentenced-to-prison"" target=""_blank"" rel="noopener noreferrer">Massachusetts investment adviser Gregg Caplitz sentenced to prison for fraud, SEC says </a>)</b></i>
The regulator said Anthony Mastroianni Jr. churned an elderly client's account at two different brokerages.
