The Financial Industry Regulatory Authority Inc. has fined former SagePoint representative Troy Baily $5,000 and suspended him for six months for the undisclosed and unapproved sale of private securities.
In 2017, Baily, of Omaha, Nebraska, initiated $210,000 in transactions in securities in Future Income Payments, which represented itself as a structured cash flow investment that purchased pensions at a discount from pensioners and then sold a portion of those pensions as a “pension stream” to investors, promising returns of 7% to 8%.
Three of the four investors who bought the securities from Baily were SagePoint customers, who initiated a Finra arbitration. In March 2018, SagePoint terminated Baily’s Finra registration and its association with him.
Future Income Payments ceased business in 2018, owing nearly $300 million in unpaid investor payments. In March 2019, the company and its owner, Scott A. Kohn, were charged with conspiracy to engage in mail and wire fraud.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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.
