Looking to diversify and raise cash to pay taxes, big-producing and long-tenured advisers affiliated with LPL dumped shares and cashed out during the company's initial public offering this month.
Voter backlash could preserve indie reps' employment status
Another small broker-dealer is closing its doors due to not having enough capital on hand to meet industry rules to remain open for business — <a href =http://www.investmentnews.com/apps/pbcs.dll/section?category=specialreporttemplate&issuedate=20100616&sid=bddown>at least the seventh B-D to shut down this year</a>.
Who will be the movers and shakers affecting the financial services industry in 2011?
Next Financial Group Inc. was hit last month with its third significant regulatory action in three years when Finra socked it with a $400,000 fine and $102,000 in restitution to clients.
LPL Investment Holdings Inc., the brokerage and investment advisory firm owned by private equity firms TPG Capital and Hellman & Friedman LLC, raised $470 million in its initial public offering.
Some of LPL Investment Holdings Inc.'s most noted and longest-affiliated advisers will see a windfall once the company goes public and shares begin to trade.
Independent representatives and broker-dealers gained allies in the House leadership who will work with them to maintain their reps' status as independent contractors
Ron Carson is exiting after more than two decades at the B-D. The well-known adviser cites shortcomings in the brokerage's RIA platform as one reason for his departure.
LPL Investment Holdings Inc. will make its market debut Nov. 17, according to sources familiar with the firm's planned initial public offering.
Next Financial Group Inc. has been hit with a significant regulatory action for the third time in three years, with Finra this month levying a $400,000 fine and $102,000 in restitution to clients.
But indie B-D reports a hike in revenue and profits for the third quarter; 'solid results'
In a highly unusual legal maneuver in its battle with Massachusetts securities regulators, Securities America Inc. is requesting that other broker-dealers that sold the private-placement investments of Medical Capital Holdings be issued subpoenas — a move designed demonstrate that Securities America met industry standards when 400 of its affiliated brokers sold close to $700 million of now worthless MedCap notes to clients.
An Ooltewah, Tenn., financial adviser has been sentenced to five years in prison and ordered to pay more than $2.7 million in restitution to his former broker-dealer, Ameriprise Financial Inc., after pleading guilty to misappropriating his clients' money while he worked for the Minneapolis-based firm.
From giants such as Citigroup Inc. to small broker-dealers such as Pacific West Securities Inc., brokerage firms have kept their representatives in the dark about problematic details in investments.
Another independent broker-dealer has bitten the dust, this time apparently because of some private placement deals that went bust.
Finra has shuttered a small Texas broker-dealer for allegedly charging clients excessive markups on $1.3 million in securities transactions.
Raymond James Financial Services Inc. early this month fired a broker who held key financial positions in local Connecticut politics after discovering he was under investigation for misappropriating clients' funds.
United Equity Securities LLC filed with the Financial Industry Regulatory Authority Inc. on Aug. 12 to terminate its status as a broker-dealer.
Selling private placements has turned into a disaster for some independent broker-dealers.
