Calvin Gray repeatedly impersonated victims who were customers of a number of other banks and financial institutions, according to a federal indictment.
The Finra panel found UBS Financial Services liable for $69.1 million in punitive damages.
The wirehouse's "strong investment in technology and AI has improved financial advisor productivity," KBW's David Konrad said.
According to his BrokerCheck report, Roger A. Gallagher was charged last August with two felony counts and he pleaded not guilty to both.
But the Finra panel's decision against James Iannazzo was not unanimous.
“If Morgan Stanley had called my client’s son, this wouldn’t have happened,” the investor's attorney said.
UBS is looking to boost the firm’s bottom line even as some financial advisors search for greener pastures.
Alternatives are quickly becoming a mainstream allocation in wealth management.
“These penalties are certainly significant enough to draw the big firms’ attention," one executive said.
It's a truism in the financial advice industry that many advisors dislike selling banking products.
The group joining RBC's New York City office, led by advisors formerly affiliated with First Republic, gives it an additional foothold in the ultra-high-net-worth space.
The banking giant is set to pay at least a nine-figure sum over collapsed lender's failure to cooperate with efforts to catch tax-evading clients, according to the Wall Street Journal.
Roughly two dozen specialists to support Merrill Wealth Management advisors on alts, custom asset allocation, specialized lending, and more complex services for elite clients.
Citi Wealth unveils new role for fiduciary investment just as JPMorgan's asset management arm welcomes experts to boost retirement business.
The global financial giant is expanding its focus beyond the mega-affluent as it looks to compete with rival banks on Wall Street.
The seasoned professional with more than two decades' experience at the firm will take charge of a nationwide team to draw top-caliber veteran talent.
The industry veteran's appointment to lead the firm's New England and Upstate New York operations comes amid a broader Eastward expansion.
Amid its aggressive global push, lax procedures at the firm led to one-fourth of international accounts being flagged as high-risk for money laundering, according to a 2023 document.
The financial industry veteran will be taking over a broad mandate, including developing investment strategies and overseeing multiple groups across Citi's wealth business.
The 25-year industry veteran previously in charge of the Wall Street bank's advisor recruitment efforts is now fulfilling a similar role at a rival firm.
