Sandlapper Securities used a development company that acted as a middleman to rip off investors in saltwater disposal wells, according to the regulator.
Thomas Melohn joined the firm from Morgan Stanley and Joseph Caselle joined from Merrill Lynch.
Hurricane damage to island may complicate settlement of claims on munis and closed-end funds.
Capital Guardian's $593 million RIA is not part of the sale.
The deal, which is expected to close in the first quarter of 2018, will bring the total assets Envestnet works with to almost $2 trillion.
Amerprise sued the ex-broker after a client charged that the broker had stolen money from her and Amerprise had failed to tell her the broker had been suspended.
Oriental Financial Services sold the island commonwealth's triple-tax-free bonds, then dismissed a client when it was sued over the risky securities.
The couple managed more than $170 million in client assets at Morgan Stanley.
Increased regulation is straining profit margins among broker-dealers, sending many of them into the arms of their bigger brethren.
Complaint alleges Ed Butowsky and Fox News 'worked in concert under the watchful eye of the White House' to concoct phony story to divert attention from Russian hacking in 2016 presidential campaign.
