Questions are being raised about the financial health of Allied Beacon. A rep and several recruiters say the midsize broker-dealer has informed advisers it's in violation of the SEC's net-capital requirements.
Mr. Moisand was president of the Financial Planning Association in 2005 when it sued the SEC over the so-called Merrill Lynch rule, which exempted fee-based brokerage accounts from falling under the Investment Advisers Act of 1940.
A brother and sister team with strong family ties to Salomon Smith Barney have left Morgan Stanley to go indie. The brokerage, said the brother, 'wasn't the same company we grew up with'.
An attorney for brokers who left John Thomas Financial claims Finra is probing whether the brokerage tried to intimidate the departed reps.
Troubles continue to mount for Thomas Belesis. According to BrokerCheck, Finra sent the celebrity B-D owner a Wells notice last month for allegedly running a pump-and-dump scheme.
Long-time executive had most recently been lobbying in Washington for independent broker-dealers
Finra on Tuesday slapped LPL with a $7.5M fine, its largest ever for an email-related case. The brokerage allegedly failed to adequately oversee 28 million electronic messages over a four-year period.
In regulatory cross hairs, broker-dealers are putting limits on products and revising policies.
