Finra has been unable to find a way to ensure investors get paid what they are owed.
The adviser and radio show host had challenged the right of the SEC to use administrative law judges to hear cases such as his.
The firm is on the verge of buying Foothill Securities, an adviser-owned firm with 220 registered reps under its roof, according to two industry sources.
Purchase of Wall Street Financial Group is the firm's ninth and second in as many months.
Sales of nontraded REITs have fallen off a cliff as the brokerage industry struggles to adapt to new regulations.
Independent broker-dealers expected to be hardest hit, with a 22% loss in revenue.
Adapting to regulatory changes has been a struggle, meaning the nontraded REIT industry's worst fears have come true.
He is the second top executive to leave the company this year.
Former CFO Brian S. Block is being charged with overstating financial performance at American Realty Capital Properties Inc., now known as Vereit. <b><i>(More: <a href="http://www.investmentnews.com/article/20150921/FEATURE/150919894/how-nick-schorsch-lost-his-mojo"_blank">How Nick Schorsch lost his mojo</a>)</i></b>
