Bambi Holzer hit with client complaint over selling of risky offerings; broker has appeared on 'Today,' CNN and CNBC
With the sale of private placements facing intense scrutiny from securities regulators, one due diligence attorney has fired off a potent missive to Finra officials about clients' responsibilities when buying the high risk deals.
News that two firms have been charged with fraud related to large private-securities deals could lead to a serious headache for many midsize to large independent broker-dealers whose financial advisers sold the products to wealthy investors.
Okoboji Financial Services Inc. filed forms with both the SEC and Finra to withdraw as a broker-dealer.<br><b>INsider:</b> <a href=http://www.investmentnews.com/article/20100530/REG/305309970>Why are so many broker-dealers disappearing?</a>
Another independent broker-dealer is shutting down — this time, so its parent company can refocus on its insurance business.
AFA, which shut its doors today, is the second independent brokerage to go under in two months. And there may be plenty more to follow
Continuing to raise capital, National Holdings Corp. is selling part of one of its broker-dealers to a Native American tribe interested in buying stakes in the securities business.
The Financial Industry Regulatory Authority Inc. is actively investigating broker-dealer underwriters of subprime securities, a Finra official said this morning at the regulator's national conference in Baltimore.
LPL Investment Holdings Inc. last week said that it has sealed the deal with the executive who has overseen the company's growth and its march to an IPO.
Until now, Ameriprise has confined its reps to selling the firm's own proprietary VA investments.
