The Financial Industry Regulatory Authority Inc. has censured Western International Securities for its lax compliance procedures and fined the firm $325,000. In addition, the firm has agreed to hire an independent consultant to review its compliance efforts and recommend changes.
Finra said that from October 2011 through June 2018, the Pasadena, Calif.-based firm failed to amend regulatory filings for 52 registered representatives in a timely manner, neglecting to disclose 163 liens, judgments and/or bankruptcies that totaled more than $5 6 million.
Dawn Bennett, who was sentenced to 20 years in prison for defrauding 46 investors as part of a $20 million Ponzi scheme, was an independent contractor affiliated with Western International at the time she conducted her fraud.
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
