The market has been anticipating the move for more than two weeks; the company has struggled of late and repeatedly missed the deadline to file audited financial statements in the past couple of years.
The rep, Philip Riposo of New Bedford, Massachusetts, admitted to creating and providing clients with phony statements.
Annualized revenue per adviser, a key industry metric, was $1.22 million at the end of March, up 4.3% from the end of last year.
'I think in the wealth and asset management spaces internationally, we punch below our weight,' Chairman and CEO James Gorman said during the firm's conference call to discuss first-quarter earnings.
The bank's wealth management group, a destination for wirehouse brokers for the past decade, has recruited three teams so far in 2022.
Fairfax, Virginia-based Integrated Financial Partners acquired Wagner Resources Group, an RIA based in McLean, Virginia.
Net proceeds of the Newark, New Jersey, land deal will benefit investors in one private placement, GPB Cold Storage.
In its appeal, the firm argues that the judge was wrong and that the arbitration decision it had initially won against a client should stand.
The agency said Boca Raton, Florida-based National Securities deceived investors in December 2017 and January 2018 about the price of shares in the private placement offering.
Shares of the beleaguered alternative investment manager hit a new low of $1.78 in trading Thursday morning.
