Houston-based U.S. Capital Advisors has acquired Legacy One Financial Advisors, a registered investment adviser based in Austin, Texas, that manages $1.4 billion.
The company will merge Legacy into its wealth management advisory subsidiary, USCA RIA, which manages $4.1 billion. The new entity will be renamed U.S. Capital Wealth Advisors.
The new RIA, an affiliated U.S. Capital Advisors brokerage division and other related entities will manage almost $9 billion.
Terms of the acquisition were not disclosed.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
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Chair also praised the passage of stablecoin legislation this week.
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