B-Ds' parent raises cash, shakes up management

National Holdings raising nearly $9M in private placement
JAN 20, 2013
National Holdings Corp. said on Friday it completed raising capital and has closed on an $8.8 million private offering of common stock to a group of unnamed investors. The new round of fund raising eliminates all outstanding debt and capitalizes the operation for growth, the company said in a press release. National Holdings controls two independent broker-dealers, National Securities Corp. and vFinance Investment Inc.. The company also named a new CEO and executive co-chairman, Wall Street veteran Mark D. Klein, who replaces Mark Goldwasser. Mr. Klein was chairman of Ladenburg Thalmann & Co. Inc. before leaving in 2007. Since March 2012, Mr. Klein has been on the board of National Holdings, which trades on the over-the-counter bulletin board under the symbol NHLD. Mr. Goldwasser is remaining at National Holdings president and vice-chair. He will remain CEO of National Securities, one of the company's independent broker-dealer. “This is a game changing move for us,” Mr. Goldwasser said on Friday afternoon. “This is the strongest balance sheet we've had for years.” National Holdings Corp. stock closed trading at 42 cents per share, up four cents for the day, an increase of more than 14%.

Latest News

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains