According to the SEC and Finra, for years Merrill botched the reporting threshold for potential suspicious transactions.
Broker-dealers are gaining the double whammy of billing higher fees based on more client assets as well as generating more revenue from higher interest rates.
The Association of African American Financial Advisors is a 'sleeping giant trying to awaken,' says chair Christian Nwasike.
Both GPB private placements and the LJM mutual fund were widely sold by brokerage firms prior to 2018.
'When an advisor or client stretches for yield, that’s when they can get hit,' one financial advisor notes.
'A leopard doesn’t change its spots,' one industry attorney said of Wilson Baston of Brooklyn, New York, who had pleaded guilty in 2008 to deceiving hundreds of investors in a Ponzi scheme.
James Iannazzo made cash transactions totaling close to $846,000 to avoid detection, the regulator alleges.
Frank McKiernan and Jerry Sneed are joining Procyon, a Dynasty Financial network firm, from Baker Tilly Wealth Management.
Owners of RIAs want higher prices for their firms now than they did between 2017 and 2019, the last time Fidelity did this study.
The four advisors control $400 million in client assets and their Elkhorn-based firm is called Omnia Wealth Group.
