The adviser, Adam Belardino, had managed the victim’s investments before he founded Maddox Group in July 2019 and persuaded her to transfer $313,000 to Maddox.
For more than two decades, the brokerage industry has touted its plans to shift to a fee-based business model, which is less volatile than the up-and-down cycles of sales of high-commission products.
When it comes to mergers and acquisitions, "it’s smaller broker-dealers and RIAs that may be an opportunity," CEO Dan Arnold said.
'We should have significant upside from rising short-term interest rates,' said Paul Shoukry, the firm's chief financial officer.
Finra said last summer that it was launching an examination sweep probing the opening of options accounts.
For the 12 months ending in March, the company reported a net increase of 188 financial advisers, or a 1.8% gain.
This is the third summer the FPA has offered the program, which fosters new talent and entrants into the profession.
Tony Barouti, a broker registered with Emerson Equity, faces two investor complaints alleging $1.37 million in damages, according to his BrokerCheck profile.
It's an interest-rate play, sources say, reflecting the boost the firm could get as the Federal Reserve embarks on a series of rate hikes.
The SEC's probe of GWG spilled over to include the sales practices of some of the 145 broker-dealers that sold the bonds, according to bankruptcy filings.
