Decision comes at a time when financial advice industry is facing pressure to offer clients more services at a better price.
“It’s a bit ironic individuals can use the money taken from investors to pay for lawyers to keep them out of jail,” says one executive.
Charged with murder, Anthony Turner's trial was scheduled to begin Monday.
In reality, the firm managed less than $25 million, according to the SEC.
“It made the most sense for us to make this decision,” says Merit's president Kay Lynn Mayhue.
"There are many psychological factors that go into such a fraud,” attorney says.
“Obviously, this is beyond unusual,” says one veteran financial advisor.
"This is one of the largest emotional distress damages awarded in Finra’s history,” says attorney.
Latest splits from broker-dealers a sign that perhaps more executives and advisors from these giant branches want to enjoy the fruits of the private equity funds flooding the industry.
Firm agrees to pay six-figure penalty for its lack of compliance with anti-money laundering programs.
