Luke Lee launched the company in 2016. It eventually issued $1.2 billion high-risk investments.
The GWG L bond debacle has been unwinding for several years.
Stifel has paid or is on the hook for close to a staggering $200 million in damages and settlements to former clients of Chuck Roberts.
Reid & Rudiger opened in 1999, the height of the dot.com stock boom.
The alternative investment industry is primed to expand into 401(k)s, a multi-trillion dollar market they have been shut out of.
Investors in the first quarter of the year pulled $1.8 billion from the 10 largest direct lending funds,
“AI is clearly having an impact on the level of staff firms need to operate,” a recruiter said. “The other issue hurting jobs is consolidation."
“The father even shared office space with the son and used a Medallion Guarantee stamp on the client’s account statements,” an attorney said.
It is the latest in a series of stunning and multi-million dollar FINRA arbitration awards that Wall Street firms have lost in the past few years.
“BCRED is a huge fund, so thousands of people must have been trying to sell their shares,” said one industry executive.
