The Financial Industry Regulatory Authority Inc. has censured Securities America and fined it $125,000, saying that the firm violated the Securities and Exchange Commission’s privacy rules.
In a letter of acceptance, waiver and consent, Finra said that Securities America caused 12 registered representatives, whom the firm was recruiting, to take nonpublic personal customer information from the firms where the representatives were then registered and to disclose it to a third party without the knowledge or consent of the other broker-dealers or the customers.
The third party was a vendor hired to help the recruits transition to Securities America.
The matter originated from an examination into an investor’s complaint.
The independent broker-dealer expands its business development bench with a new recruiter and an internal promotion in the West.
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
New Preqin-powered benchmarks add transparency to private equity and credit performance across BlackRock's platforms.
Supervision vice chair speaks following recent launch of AI adoption practices by regulators.
In an era of AI euphoria and market FOMO, getting back to basics with fixed income may be the most contrarian and most important move advisors can make.
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
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.
