The award contains two unusual features: $500,000 in punitive damages to the clients and a two-to-one split decision among the three-person panel.
The review by Lowenstein Sandler gives no credence to a Georgia judge's critique of Finra's process for selecting arbitration panelists.
The acquisition of American Portfolios could bolster the network's revenue and profit margins over time, according to the rating agency.
The 'external system breach' put the Social Security numbers of 2,188 of the firm's clients at risk, according to the Maine Attorney General's office.
A Finra arbitration panel rules in favor of Erin Daly, who filed a federal complaint against Citigroup alleging gender discrimination.
According to the website Ponzitracker.com, the number of Ponzi schemes uncovered by authorities dropped 26% last year.
The regulator sanctioned the broker-dealer for violations related to its marketing of securities it had underwritten and failings related to sales of GPB private placements.
The deal for American Portfolios Financial Services Inc., a New York independent broker-dealer, brings Advisor Group 850 advisers who oversee close to $40 billion in client assets.
United Planners' Financial Services was negligent in 2018 when it failed to inform clients that GPB had missed a deadline for filing financial information, according to Finra.
Ten years ago, hiring financial advisers at wirehouses had a hammer and tongs feel. Today, hiring and hanging on to advisers are much more nuanced endeavors.
