Another clearing firm bites the dust. Emmet A. Larkin Co. Inc. last month quietly shut down its back-office and clearing operations.
Tensions have been building for months among financial advisers affiliated with Mutual Service Corp., a subsidiary broker-dealer of LPL Investment Holdings Inc., as they wonder about the future of their firm.
“I don't give a damn 'bout my bad reputation!” rock 'n' roll icon Joan Jett sang in 1981.
Advisers who are members of NAPFA had a range of thoughts and reactions to the news that the SEC last month charged a past president of the organization with taking kickbacks related to unregistered investment pools his firm managed.
A sprawling case of alleged securities fraud involving an independent broker-dealer and two brokers may wind up costing an insurance company $10.3 million.
As part of a settlement last month with securities regulators in Arizona, Woodbury Financial Services Inc. agreed to tighten its policy of looking into the financial backgrounds of their 1,750 reps and advisers.
Finra may have given broker-dealers and registered representatives a reprieve of sorts last year as the amount in fines and enforcement actions it levied against firms plummeted.
Independent registered representatives and their spouses soon could face unprecedented scrutiny into their personal finances.
As the stock market plummeted in 2008 and chaos reigned on Wall Street, Finra regulators found less reason to levy fines and enforcement actions against broker-dealers and their registered reps, according to a study.
Raymond James Financial Inc. has acquired a boutique investment bank to expand its reach in that business, following through on plans to scoop up acquisitions in the troubled market.
