At the helm is interim CEO and LPL veteran Rich Steinmeier.
Based in suburban St. Louis, Maloney Securities has 125 financial advisors on its platform.
Through August, financial advisors had sold $76.6 billion of illiquid alternative investments, according to Robert A. Stanger & Co. Inc.
Meanwhile, other broker-dealers are talking to teams of B. Riley financial advisors.
The alleged fraud began in 2020, according to the SEC.
“Broker-dealers and RIAs are right now in a position where they must over disclose," says one industry executive.
“With Alex David leaving Stifel, what does that say about the independent brokerage business there,” asks one brokerage executive.
“Insurance is paramount in the broker-dealer industry, but you have to have insurance that pays,” a plaintiff's attorney said.
"I reiterate that I disagree with the allegations made in these suits," says Jim Walesa.
Decision comes at a time when financial advice industry is facing pressure to offer clients more services at a better price.
