The managed accounts product had too much exposure to sharp market drops, clients alleged.
The firm said two of its ex-advisors got most of their $200 million in assets from a retired rep.
The U.S. Attorney said Adam Belardino took more than $313,000 from a client.
The bank said that Stephen C. Smith violated non-solicit agreements in moving to Ameriprise, but the order was denied.
German Nino of Weston, Fla., faces up to 60 years in prison for the fraud.
The MFS business development specialist says advisors need a calendar for their marketing.
Broker-dealers are trying to look more like RIA custodians, but it was the fees they charge, sometimes opaque ones, that helped them win big during the pandemic.
A jury found Ambassador Advisors overcharged clients by putting them in proprietary mutual fund share classes.
Paul R. Koch, accused of putting client money in his wife's businesses, is also being investigated by the Secret Service.
The regulatory body said Wells Fargo defamed North Carolina advisor Aaron T. Olson.
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