Results for "independent broker-dealers"

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As Ladenburg Thalmann explores sale, one of its B-Ds is hit with GPB investor complaints

November 8, 2019

Ladenburg Thalmann Financial Services Inc. has been hit with fallout from GPB Capital Holdings. Ladenburg reported Friday morning that since July, one of its broker-dealers has been named in six customer arbitration complaints seeking $1.65...

Lawsuit claims GPB a Ponzi, riven with conflicts and self-dealing

November 6, 2019

Self-dealing, conflicts of interest and operating a Ponzi scheme were at the heart of GPB Capital Holdings and its ability to raise $1.8 billion from investors over the last six years, according to a class action lawsuit filed Wednesday in federal...

Advisor Group, Cetera Financial seen as potential buyers of Ladenburg Thalmann

November 1, 2019

Advisor Group and Cetera Financial Group, along with a private-equity investor, are the likely buyers of Ladenburg Thalmann Financial Services Inc., according to several industry sources, with the value of the brokerage network and its 4,400...

Ladenburg Thalmann looking for a buyer

October 30, 2019

Ladenburg Thalmann Financial Services Inc. is exploring a sale, but the company is not releasing any details to the 4,400 financial advisers in its network. Bloomberg News reported on Tuesday that Ladenburg is working with an adviser to weigh...

Colorado charges broker-dealer with failing to supervise reps working in South Carolina

October 30, 2019

Centaurus Financial Inc., an independent broker-dealer, faces losing its license in Colorado because of allegations it failed to supervise adequately the sales of structured certificates of deposit by two of its brokers. The brokers at the center...

Advisor Group loses another big team, this one with $2.5 billion in assets

October 16, 2019

Cambridge Investment Research Inc. has reeled in a large group of advisers, the Nettuno Group, that was formerly registered with FSC Securities Corp., one of the broker-dealers in the Advisor Group network. The Nettuno Group, which is based...

SEC takes aim at second Cetera broker-dealer

October 15, 2019

On Friday, the Securities and Exchange Commission added Cetera Advisor Networks, a registered investment adviser and broker-dealer, as a defendant to an earlier lawsuit against Cetera Advisors. The August complaint alleged that Cetera Advisors...

Two small broker-dealers are down — and out

October 10, 2019

Two small broker-dealers with different business models, one for retail reps and the other a wholesaler of alternative and real estate funds, are closing their doors. The former B-D, Taylor Capital Management, is potentially facing dozens if...

ARCP class action investors get 50 cents on the dollar: Attorneys

October 7, 2019

The $1 billion settlement last month between investors and the real estate investment trust formerly known as American Realty Capital Properties Inc. included an unusually large recovery for the claimants of close to fifty cents on the dollar,...

LPL, Triad brokers lose Ohio National lawsuit over variable annuity commissions

October 4, 2019

Brokers affiliated with LPL Financial and Triad Advisors have lost separate lawsuits against Ohio National Life Insurance Co. that sought to overturn the insurer's decision to stop paying variable annuity commissions. Concurrently, however,...

Finra approves plan for specialized arbitrators to decide broker expungements

October 3, 2019

The Finra board has advanced proposals to reform the process by which brokers can clear their record of customer disputes and to curb the ability of brokers to become the beneficiary or executor of a customer's will. The Financial Industry Regulatory...

Finra bars IFS Securities executive linked to reported $10 million trading loss

September 26, 2019

The IFS Securities Inc. executive at the center of a bond trade that resulted in a reported $10 million loss for the firm has been barred from the securities industry by the Financial Industry Regulatory Authority Inc. Keith Wakefield, the former...

Michigan RIA to pay $2.5 million for mutual fund conflicts

September 20, 2019

Sigma Planning Corp., the RIA arm of a Michigan independent broker-dealer, has reached a settlement with the Securities and Exchange Commission in which the firm will pay $2.5 million in fines and restitution to clients after it faced charges...

Robert Moore is back. And he's focused on REITs

September 18, 2019

After leaving as the CEO of Cetera Financial Group earlier this year for undisclosed health reasons, Robert "R.J." Moore has returned to the financial services industry. In his latest venture, Mr. Moore has launched an investment management...

Once again, GPB delays release of audited financial statements

September 12, 2019

GPB Capital has recently been telling the 60 or so broker-dealers that sold $1.8 billion of high-risk private placement to wealthy clients that it would deliver audited financial statements for its funds by the end of September. Now, the beleaguered...

Advisor Group new bonus program falls short for some advisers

September 6, 2019

Some of Advisor Group's more than 7,000 brokers and financial advisers are underwhelmed by the broker-dealer network's offer of various cash awards and bonuses designed to keep them happy and in their seats as the firm adjusts to new ownership....

Trizic rebrand shows difficult route for robo-advisers

September 5, 2019

Trizic is officially pivoting away from providing a white-label digital advice platform for independent advisers in favor of providing "integrated savings and wealth solutions for banks and credit unions." The company is rebranding as Harvest...

Independent contractor status for brokers and advisers safe in California

September 3, 2019

Brokers and advisers in California who work as independent contractors and are registered with a broker-dealer have sidestepped the fight over employment status currently playing out in the California statehouse. Assembly Bill 5, which writes...

New York IBD to acquire $2.5B Boston hybrid

August 27, 2019

National Holdings Corp., a New York-based independent brokerage, investment banking and asset management firm, is acquiring Winslow Evans & Crocker Inc., a Boston-based employee-owned hybrid firm managing $2.5 billion in assets. The transaction...

Advisor Group acquisition financed by debt rated 'junk' by S&P

August 23, 2019

The $1.6 billion in debt issued to finance the recent acquisition of Advisor Group has been rated below investment grade — commonly known as junk bonds — in a report this month by S&P Global Ratings. Reverence Capital Partners, a private...

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