Martin A. Ruiz took $8 million of client money and spent the vast majority of the funds on personal expenses.
Known as the '3% investment policy,' the rule acted as a modest — if nagging — monthly charge on the revenue advisers generated.
Last year, the firm acquired Viridian Advisors, which specializes in comprehensive financial planning and tax planning.
The exchange said the warrants weren't suitable for listing because of their extremely low pricing.
The latest moves illustrate the push-and-pull dynamics of recruiting and hiring advisers at Wells Fargo.
Greed alone doesn’t explain the appalling acts some advisers commit against their clients.
The firm has announced 24 registered investment adviser transactions so far this year and is likely to announce more deals before year-end, the CEO said.
South Carolina-based Financial Resources Group Investment Services houses bank brokers overseeing $40 billion in assets.
The $13 billion breakaway, formerly a giant branch with Raymond James, is allowing clients the options to custody assets with Charles Schwab & Co. as well.
In a break with tradition, the firm is introducing next year's pay plan for its 12,000 advisers earlier this year.
