The share price of B. Riley financial has plummeted 78.5% over the past year.
Beneficient, an alternative investment company and formerly a part of GWG, has offered $50.5 million to settle claims related to federal lawsuits.
Meanwhile, Finra’s fines against the brokerage industry declined in 2024.
Calvin Gray repeatedly impersonated victims who were customers of a number of other banks and financial institutions, according to a federal indictment.
The large award comes at a time when the wealth management industry is seeing leading firms sue each other over recruiting each other’s financial advisors.
And GPB founder David Gentile and ex-broker-dealer chief Jeff Schneider want the company to continue paying legal expenses.
In 2019, the SEC claimed Commonwealth had breached its fiduciary duty.
The Finra panel found UBS Financial Services liable for $69.1 million in punitive damages.
It’s an unannounced leadership shift at a broker-dealer working to rebrand.
Ameriprise has targeted LPL in at least four complaints sinch January 2024, alleging its competitor had unfairly hired its financial advisors.
