Bear B-D takes on sales execs

Bear Stearns Broker-Dealer Services has expanded its sales and account officer teams with four new hires.

JUL 25, 2007

By Bloomberg

Bear Stearns Broker-Dealer Services has expanded its sales and account officer teams with four new hires. Robert Mumby and John Wellington are now account officers and managing directors at BDS. In this new capacity, they will maintain relationships with client firms and deliver solutions. Through the last decade, Mr. Mumby has advised broker-dealers through his own consulting firm. Meanwhile, Mr. Wellington, a 22 year veteran of the financial services sector, joins from indie broker-dealer Advest Inc., where he was chief operating officer. Michael Calvelli and Mark Van Ostenbridge have also joined BDS as a managing director and associate director, respectively. Mr. Calvelli spent the last six years as a consultant and president of Sorrento Pacific, a broker dealer. Mr. Van Ostenbridge comes from Pershing’s sales and relationship management group, where he was a vice president.

New York broker-dealer LifeMark Securities loses second GWG bond arbitration fight in weeks

LifeMark Securities has faced scrutiny in the past for its sales of GWG L bonds.

AI widens tech divide between RIAs and banks

New data from F2 Strategy shows 95% of RIAs are using AI - four times the adoption rate of banks. Trust companies account for 90% of firms not using AI, raising alarms about their ability to stay competitive.

SEC rejects Texas advisor's 'moral obligation' defense over trading in deceased client's account

The ex-registered broker facilitated a series of transactions, including nine trades totaling nearly $130,000 and eight withdrawals amounting to $85,000, for a fourteen-month period after the client's death.