Finra bars former Stephens broker for no-show at hearing

Regulator investigating withdrawals from bank account of ex-rep Norris Roberts Jr.
FEB 28, 2018

The Financial Industry Regulatory Authority Inc. has barred Norris Richard Roberts Jr., a former broker whose suspicious activity led federal agents to uncover an illegal gambling operation in Arkansas. In a letter of acceptance, waiver and consent, Finra said it was investigating allegations that Mr. Roberts was structuring withdrawals from his personal bank account in order to avoid his bank having to file currency transaction reports. When Mr. Robert failed to show up for an investigation into his firing, Finra barred him. In August 2017, Mr. Roberts, of Rogers, Ark., was terminated by Stephens Inc. following its review of a published report and supporting materials containing allegations that he had engaged in illegal activities, according to Finra. Finra was referring to a report by ArkansasBusiness.com that Mr. Roberts was involved in an illegal gambling business in his home town.

Latest News

Most asset managers are using AI, but few let it call the shots
Most asset managers are using AI, but few let it call the shots

Survey finds AI widely embedded in research and analysis, but barely touching portfolio construction or trade execution.

LPL, Raymond James score fresh recruits in advisor recruiting battle
LPL, Raymond James score fresh recruits in advisor recruiting battle

Two firms land teams managing more than $1.1 billion in combined assets from Kestra and Edward Jones.

Edward Jones facing more race bias claims in new lawsuit
Edward Jones facing more race bias claims in new lawsuit

A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management