Louis Goff and others had been charged with raising $2.1 million from investors in a fraud from 2019 and 2020.
'The broker-dealers are the toll collectors of trading volume.'
Finra alleges a southern California broker kicked back $900,000 in commissions to non-registered sales person.
"It's not a good day for Austin Dutton," says one attorney.
GPB's founder was an accountant who couldn't do the firm's accounting.
The 1,450 financial advisors involved in the transaction oversee approximately $108 billion in assets.
Merrill has consistently been the brokerage firm paying the lowest rates on swept cash, according to a suit filed by Merrill Edge client.
The wirehouse is emphasizing better pay for advisors who sell alternative investments and offer loans to clients.
Launched over the summer, &Partners is replete with executives from Wells Fargo Advisors.
Some broker-dealers are 'in a bit of a pickle' due to how they invested client cash, industry executive says.
