Massachusetts securities regulator says agents for six B-Ds and an RIA submitted unauthorized proxy votes for nontraded REITs controlled by a Nicholas Schorsch firm.
Move would generate fees and income from 20-year management agreements.
There already have been several suits over high fees, and a second front may be emerging over plan options.
UDF IV also has suspended distributions to shareholders.
Bad VA switches were supposed to be a thing of the past, but the independent broker-dealer industry should take heed of this fine.
Forget 10%, the firm's new business development company has a hard cap on fees and commissions at 8.95% of gross offering proceeds.
The firm is selling a majority stake of NFP Advisor Services to funds managed by private equity shop Stone Point Capital.
First-quarter profit nearly double what the company posted in the previous quarter.
WestPark Capital CEO Richard Rappaport says Newport Coast Securities is closing and that he is being selective in who he hires from the broker-dealer.
The adviser-owned independent broker-dealer is in “serious discussions” to be acquired by a larger firm, with LPL, Cambridge, and others as potential suitors.
