Montana's commissioner of securities and insurance has sued Securities America Inc. over the sale of failed private placements, making it the second state to target the broker-dealer for selling the risky investments.
Five years before a series of Medical Capital Holdings Inc. private placements disintegrated — wiping out $1.1 billion in investor cash — securities regulators were already concerned about the lack of audited financial information for the deals.
In a highly unusual legal maneuver in its battle with Massachusetts securities regulators, Securities America Inc. is requesting that other broker-dealers that sold the private-placement investments of Medical Capital Holdings be issued subpoenas — a move designed demonstrate that Securities America met industry standards when 400 of its affiliated brokers sold close to $700 million of now worthless MedCap notes to clients.
Finra tells Peak Securities to pay $400K to settle a claim over a private placement sale for Medical Capital. The kicker: hundreds more complaints loom as irate investors look to recoup losses from questionable Reg D offerings
Were three awards totaling $25.1M in past two months a coincidence? Some attorneys don't think so
Ameriprise Financial Inc. next year will begin imposing annual fees of up to $80 on the brokerage accounts of many of its wealthy customers — a move likely to irk the firm's advisers and registered representatives.
Finra panel ruled that the B-D was 'negligent in not preventing' the outside business activities of a former broker
Broker-dealers are browbeating clients to settle arbitration cases by inundating them with requests for discovery information, according to a top state securities regulator.
