Broker-Dealers

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Conservative Manifesto Project 2025 Says Finra Should Be Abolished

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The Heritage Foundation's policy initiative says the regulator should be folded into the SEC.

Ameriprise Wins Restraining Order Against LPL In Mich. Client-Poaching Case

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Ameriprise said a father-son team that left it for LPL solicited clients and took information.

Finra Orders Merrill To Repay Customers Almost $1.5M On Fee Lapses

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The regulator said Merrill Lynch caused customers to pay avoidable fees on brokerage account recommendations.

SEC Bars Ariz. Advisor For Allegedly Defrauding Clients

by FA Staff

Scottsdale advisor Jacob C. Glick was banned for 10 years after causing clients to lose $2 million, the agency said.

Supreme Court's SEC Arbitrator Ruling A 'Good Win' For Advisors, Attorney Says

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The regulator will now have to be more selective in its enforcement actions, attorney Brian Hamburger said.

Wall Street Cop Finra Goes Quiet On The Beat As Its Caseload Plunges

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Critics contend the regulator has ratcheted down its pursuit of securities industry wrongdoers.

Barred Ex-Morgan Stanley Broker Ordered To Pay Firm $1.9M

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A Finra panel rejected Candido Viyella's claims he was wrongfully terminated and defamed.

B-D Arkadios Capital Recruits $850M Advisor Team From LPL

by FA Staff

Gulf Coast Wealth Management of New Orleans was with LPL for more than 20 years, the broker-dealer said.

CFP Board Filing Supports DOL's Fiduciary Rule

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In an amicus brief, the board said the rule is needed to eliminate conflicts and fill regulatory gaps.

Ex-PNC Team With $380M In Assets Joins LPL Platform In Del.

by FA Staff

First Summit Capital Management is led by Thomas Cooney and includes former baseball player Mark Freed.

Former Sanctuary CEO Dickson Among Founders Of New RIA Aggregator

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Industry veterans Jim Dickson and Mark Penske raised money from family offices for the launch.

Dual Registrants Should Brace For Reg BI Crackdown, Former SEC Lawyers Say

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The SEC is scrutinizing hybrid firms that put their clients into more expensive brokerage accounts, they said.

Lawsuit Says Morgan Stanley Pays Unreasonably Low Interest On Sweep Accounts

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The class-action lawsuit claims the low rates represent a violation of fiduciary duties and Reg BI.

No Client Request Is Out Of Bounds For This Advisor Firm

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“The unusual is now usual as advisors provide more holistic planning,” Schechter Investment Advisors' CEO says.

70 Investors Claim Triad's Lax Supervision Caused Over $30M In Losses

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The investors allege in a Finra claim that two of the firm's former brokers put them in unsuitable investments.

Wells Fargo Penalized $495K For Allegedly Using Advisor's Name

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The bank used the advisor's name on its website long after he left the company, Finra said.

Firms Still Trying To Figure Out DOL Rule's Fiduciary Exceptions, Attorney Says

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The rule provides advisors, brokers and agents three routes for avoiding fiduciary mandates, attorney Fred Reish said.

Mass. Broker Barred By SEC For Allegedly Abetting Boss's Scheme

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The advisor had already been barred by Finra for allegedly helping her supervisor hide the scheme from LPL.

Finra Bars Former Pruco Rep Accused Of Misappropriating Client Funds

by FA Staff

Rosaline Alam was fired by Pruco for being named in a client's will, the regulator said.

23 State Officials Ask Congress To Stop SEC Trade-Tracking Program

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Republicans have argued the tracking program violates investors' civil liberties.

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