B-Ds: 2010 In Review
GunnAllen Financial Inc., once one of the industry's fastest-growing firms, is shuttered after Finra says it lacks sufficient capital to continue operations. Founders Jay Gunn and Rick Frueh move to rival J.P. Turner & Co. Many GunnAllen reps follow suit.
In a letter to New Hampshire's attorney general, LPL Financial reports that an unencrypted hard drive has been stolen from the car of one of its reps. As a result, client information, including names, addresses, dates of birth and Social Security numbers “may have been breached,” the firm writes. This wasn't the first such incident: In 2007, LPL reported that computer hackers had compromised the login passwords of 14 financial advisers and four assistants.