The SEC launched its Share Class Selection Disclosure Initiative in February 2018 to target advisory firms that recommended high-fee mutual funds.
The SEC alleges the firm failed to safeguard clients from Hector May, who pleaded guilty to stealing $8 million from clients and was sentenced to 13 years in prison.
The registration application known as Form U4 asks an applicant for a variety of information, from employment history to whether he or she has been convicted of or charged with a felony.
In 2016, Finra launched a targeted examination of UIT sales, discounts and rollovers across the brokerage industry, and a number of firms have incurred penalties and fines in its aftermath.
The move marks the third announcement of a billion dollar group moving to one of LPL's channels this month.
The current conditions for the stock market have been buoyed by strong economic growth as the Covid-19 pandemic recedes and unprecedented federal government spending, Fleming said.
The lack of a spotlight on individual brokers who sold GPB may be passing, as at least one former adviser, Jeffrey Dixson, has a BrokerCheck profile that is studded with investor complaints involving sales of GPB private placements.
Revenues have dropped sharply, by as much as 40%, at the broker-dealer over the past seven years as the industry moved away from commissions on alternative investments to recurring revenue from managed money products.
From pixie dust to private equity, myriad factors have contributed to the historic M&A surge in the space — with no end in sight.
The sum, received by The Leaders Group Inc., appears to be in the middle range of government loans received by privately held broker-dealers who obtained Covid-19 business relief.
