CEO and COO also ordered to pay $175,000 in penalties .
Client assets under administration rose 15% to $447 billion; 'positive net flows and strong equity markets.'
Nicholas Schorsch's RCS Capital acquires liquid alts firm Hatteras Funds, giving the real estate mogul the potential to widen the distribution of his growing lineup of investment products.
Proposed rule would require brokers to factor in fees and commissions when listing share prices on client account statements; if approved by the SEC, rule change would do away with the $10-a-share listing price.
Inland American Real Estate Trust, the largest nontraded REIT with $9.5 billion in assets, may soon be in line for a merger or listing of its shares, a move dubbed a “liquidity event” in the business. <i>(Don't miss: <a href="//www.investmentnews.com/article/20131227/FREE/131229967"" target=""_blank"" rel="noopener noreferrer">Will the 2013 banner year last through 2014?</a>)</i>
Some optimistic, others skeptical about plan to scrap the automatic per-share value of $10.
Firm has 1,500 affiliated registered reps and advisers; $32B in client assets.
Deal comes in wake of blockbuster $1.15B acquisition Thursday of Cetera Financial. RCS Capital chairman Nicholas Schorsch <a href="//www.investmentnews.com/article/20140116/FREE/140119918"" target=""_blank"" rel="noopener noreferrer">compared his burgeoning broker-dealer network to the old Merrill and Raymond James</a>.
The SEC and Finra are getting tough on broker-dealers, putting intense focus on those recommending and selling alternative investments, including nontraded REITs. <b><i>Don't Miss: <a href="http://www.investmentnews.com/article/20140110/FREE/140119991">Our full look at the SEC's 2014 priorities</a></b></i>
State regulator charges Jordan Belfort disciple with engaging in abusive sales practices, churning a client's account and using markups to conceal commissions in the account of an 81-year-old investor.
