Regulator says new type of VA is highly complex and uses structured products — not mutual funds — 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.
The new head of one of the largest independent broker-dealers served as head of wealth management at UBS's Advisor Group Americas.
The wirehouse is facing a raft of customer complaints tied to its sales of the commonwealth's municipal bond funds.
Shareholders of United Development Funds, which hasn't filed financial reports for more than a year, are in a state of limbo, according to a plaintiff's attorney.
Government says he took in $1.4 million, diverting some of it to investors and using much of the money on himself.
