Next Financial Holdings' D'Angelo resigns as CEO, chairman

Gordon D'Angelo, the chief executive and chairman of Next Financial Holdings Inc., the parent company for independent broker-dealer Next Financial Group, has resigned. Mr. D'Angelo was one of the first 45 registered reps and six original principals at the firm, which is owned by its reps and advisers, according to Barry Knight, president and CEO of Next Financial Group. He declined to comment about the reasons for Mr. D'Angelo's resignation. His resignation was effective as of Wednesday, the company said in a press release. Next Financial, which opened its doors in 1999, has grown to 759 affiliated producing reps and advisers; the firm produced $127.8 million in revenue last year. Next Financial was one of the fastest growing independent broker-dealers of the last decade. Next Financial notably survived the legal fallout after the 2008 market crash for selling a series of oil and gas private placements, Provident Royalties, which turned out to be a Ponzi scheme. Dozens of similar IBDs went out of business due to legal costs. “Mr. D'Angelo will remain at Next in the capacity of director at the corporation,” the company said in a press release Friday afternoon. “He will continue working alongside the firm's fellow leaders in promoting the success and growth of the corporation.”