It's part of an industry sweep that targeted firms with an above-average number of reps with current misconduct reports on their records.
Complaint naming Jackie Wadsworth, CEO of IMS Securities, centers around sale of VAs and real estate securities.
Mark Tauzin was suspended for eight months from any Finra-registered broker-dealer, fined $20,000 and required to pay $205,000 plus interest to 14 sets of clients.
Online brokerage said to attract interest from rival TD Ameritrade.
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.
