Connecticut man raided his client's account in $1.2 million theft.
Self-regulator wants to encourage capital-raising while still protecting investors.
The five-year class-action battle involved 1,056 former financial advisers.
Takes enforcement action against firms taking money to tout stocks.
Disciplinary proceedings will determine whether a firm or an adviser exerted undue influence over "vulnerable individuals or individuals with diminished capacity."
Firm says it will look for talent among teachers, entrepreneurs and former athletes.
Consolidator could add $6.4 billion in assets at a cost of about $70 million.
Lawson Financial settles with SEC over due diligence in nursing home financings.
Latest adviser satisfaction study finds most younger investors are dissatisfied.
Broker in Trinity, Fla., managed $106 million in assets.
