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

Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface
Names of more B-Ds that sold deals of bankrupt Inspired Healthcare surface

Broker-dealers that sold the defunct securities backed by Inspired Healthcare generated more than $100 million in fees and commissions.

MetLife poll finds high-value home sales are becoming tax-planning events
MetLife poll finds high-value home sales are becoming tax-planning events

A new MetLife survey finds real estate professionals are increasingly steering clients toward tax experts as rising property values leave more sellers facing significant capital gains.

Kestra adds Raymond James recruiter to expand advisor hiring push
Kestra adds Raymond James recruiter to expand advisor hiring push

The independent broker-dealer expands its business development bench with a new recruiter and an internal promotion in the West.

Cerity Partners names Will Peng chief innovation officer
Cerity Partners names Will Peng chief innovation officer

The leading ultra-high-net-worth RIA joins other large wealth firms, including Raymond James and LPL, in creating executive roles focused on artificial intelligence strategy

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.