Another small broker-dealer has been shut down, with this one owing $1.2 million in damages and legal fees imposed on it in a recent arbitration decision.
Finra arbitrators have ordered a securities analyst who claims he was wrongfully fired by Rodman & Renshaw LLC in 2006 for attempting to lower a stock rating to pay the broker-dealer $10.7 million in damages.
Charges could lead to loss of firm's Finra registration, source says
One of the owners of the defunct oil and gas dealmaker Provident Royalties LLC has pleaded guilty to conspiring to defraud investors in a $485 million scheme that ensnared dozens of independent broker-dealers.
If LPL decides to launch anytime soon — as of yet, no date has been set — it will be doing so smack dab in the middle of an incredibly difficult market for IPOs in general and financial services stocks in particular.
Brokerage executives are slamming the SEC's proposal to allow broker-dealers to set their own sales charges on mutual funds, claiming that it could create problems for both the industry and individual investors.
When HighTower Advisors LLC was launched in 2008, its pedigree and promise caught the industry's attention and the interest of a number of highly successful advisers.
When it comes to controlling client assets, LPL Investment Holdings Inc.'s recent IPO registration offers clear proof that the remaining four wirehouse broker-dealers still dwarf the more diverse galaxy of independent broker-dealers.
LPL Investment Holdings Inc. today said it has sealed the deal with the executive who has overseen the company's growth and its march to an IPO.
