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Securities America scores huge victory in Reg D case
Securities America scored a huge victory in a crucial Reg D case this week, as a judge combined private-placement arbitration claims with class actions. Not surprisingly, the plaintiff's attorney lambasted the decision.
Securities America deal poised on a knife’s edge
Yesterday, Securities America and parent Ameriprise struck a deal with attorneys representing investors who bought private placements that went bust. Today, lawyers involved in the negotiations say the deal could unravel if a handful of clients opt out of the agreement.
Ameriprise reaches $27M settlement over private placements: Attorney
Ameriprise Financial Inc. has reached a $27 million settlement with investors who bought private placements that have gone bust from reps at its independent broker-dealer subsidiary, Securities America Inc., according to an attorney with knowledge of the matter.
Half a loaf? Securities America puts offer on the table
According to a source, Securities America has offered arbitration plaintiffs about 50 cents on the dollar to settle their claims over Red D offerings that went bust
Securities America may face 150 or more arbitration claims
Don't expect Securities America Inc. to extricate itself anytime soon from the legal headaches and expenses connected with the private placements it sold from Medical Capital Holdings Inc., a now-bankrupt company that turned medical receivables into promissory notes
Arbitrators hit Securities America, rep with $1.2 million in damages, legal fees over MedCap
Securities America Inc. was dealt a costly legal blow on New Year's Eve when a Finra arbitration panel awarded almost $1.2 million in damages and legal fees to a client who sued the firm and a broker over the sale of private placements that regulators have alleged were fraudulent.
Securities America pins blame on MedCap in Reg D showdown
Securities America Inc. and the Massachusetts Securities Division locked horns last week over the regulator's charges that the firm misled 60 investors in the state who bought $7.2 million in Medical Capital notes from the firm's reps.
Lawsuits suck air out of Securities America’s cash cushion
Set-asides for litigation slashes B-D's capital on hand from $15M to $2M
Employee advisers rate Edward Jones best, MSSB worst in B-D satisfaction
Edward Jones is tops and Morgan Stanley Smith Barney LLC the worst in terms of financial adviser satisfaction at six national broker-dealers, according to a J.D. Power and Associates Survey released last Friday
Securities America pins blame on MedCap at hearing
Securities America, Massachusetts regulator battle over who's at fault in Reg D fiasco
Montana securities cops sue Securities America
Montana's commissioner of securities and insurance has sued Securities America over the sale of failed private placements, making it the second state to target the broker-dealer for selling the risky investments.
Securities America lands $225M firm
Securities America Inc. has picked up Verus Capital Partners LLC, a Scottsdale, Ariz., firm with $225 million in assets and 20 advisers.
What’s next for Securities America?
CEO Nagengast says firm sees 'a lot of opportunity' for growth; snagged a Next Financial team in August
Montana second state to sue Securities America
Montana's commissioner of securities and insurance has sued Securities America Inc. over the sale of failed private placements, making it the second state to target the broker-dealer for selling the risky investments.
Securities America picks up 45 reps from shuttered B-D
Securities America Financial Corp. has reached an agreement to absorb 45 registered reps — with roughly $500 million in assets — from Equitas Financial Advisors Inc.
Securities America’s top cop worried about MedCap in 2004
Five years before Medical Capital Holdings Inc.’s private-placement financings disintegrated and wiped out $1.1 billion in investors’ cash,…
Mass. securities cop claims Securities America misled investors
The Massachusetts Securities Division today filed a complaint against Securities America Inc., charging that the broker-dealer and subsidiary of Ameriprise Financial Inc. misled investors when it sold them private-placement securities.
Securities America CEO Steve McWhorter retiring
Securities America Inc. chief executive Steve McWhorter today said he will retire this spring after 22 years at…
Lawyer to Finra: Private-placement litigants suffering from ‘selective amnesia’
With the sale of private placements facing intense scrutiny from securities regulators, one due diligence attorney has fired off a potent missive to Finra officials about clients' responsibilities when buying the high risk deals.
Securities America slams Massachusetts over private-placement suit
The broker-dealer has fired back at a state regulator with some stinging accusations of ignorance.
