“This is not an enormous surprise. The equity of the firm was materially undervalued by the public market,” one banker said.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
“After learning about a bad actor who is barred, the securities industry should have a responsibility to put clients on notice,” one lawyer said.
“There’s a substantial demand by advisors to get into that client referral program," one industry executive noted.
Like so many bureaucracies, Finra has a tin ear.
The broker sold the speculative, illiquid GWG L bonds to four customers, despite the bonds not being suitable for them, Finra stated.
A former Merrill Lynch broker, John Christopher Polit, helped launder bribe money for his father, according to reports.
During the third quarter, Corient completed the acquisitions of two firms.
“The variety of consolidators drives competition, but it can make the market confusing,” one recruiter said.
“Stifel Financial made no offer to settle,” the client's attorney said.
