Massachusetts regulator looking at whether financial institutions violated any laws.
President of BDCA, company at center of Galvin complaint, is removed; others step down
Exec will become chairman of UBS Americas, focusing on clients and strategic priorities. Tom Naratil, the group CFO and COO, will become president of UBS Wealth Management Americas and UBS Americas.
William Kahane, one of the co-founders of Nicholas Schorsch's AR Capital, resigns as a director from two real estate investment trusts.
In a major reversal, the powerhouse nontraded REIT sponsor built by Nicholas Schorsch is exiting the business of creating and selling new alternative investment products and will stop taking new investor money for existing programs.
A deal to sell the broker-dealer outright or to attract a large private equity investor is anticipated by year-end.
Though top officials are keeping mum, industry executives say prospective buyers have been kicking the tires on this indie brokerage with 739 affiliated registered reps and advisers.
Firms pull the plug after Massachusetts <a href="//www.investmentnews.com/article/20151112/FREE/151119971/massachusetts-galvin-charges-realty-capital-securities-with-proxy"" target=""_blank"" rel="noopener noreferrer">charges RCS Capital with fraudulently rounding up proxy votes</a> to support real estate deals sponsored by AR Capital.
LPL CEO Casady says that as written, rule would bar sales of certain alternative investments in brokerage retirement accounts. <i>(See also: <a href="http://www.investmentnews.com/article/20150430/BLOG07/150439998/democratic-senators-split-from-white-house-on-dol-fiduciary-rule" target="_blank">Democratic senators split from White House on DOL fiduciary rule</a>)</i>
Citigroup's Bill Katz questions report that RCAP was shopping Cetera for "fire sale" price
