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Broker-Dealers

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BNY Pershing Fined $1.4M By Finra Over Inaccurate Rate Listings

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Interest rate numbers were wrong on more than one million customer account statements, the regulator said.

Western International Ordered To Pay $1.7M By SEC, Finra

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The agencies accused the Pasadena, Calif.-based broker-dealer of multiple violations involving lack of supervision.

Commonwealth Adds $300M AUM Wisconsin Team To Its Indie Network

by FA Staff

Sentinel Advisory Group was formerly with Northwestern Mutual.

Wells Fargo Advisors Sued For Low-Yielding Cash Sweep Accounts

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Ameriprise and LPL are being sued by clients over similar accounts.

SEC Alleges Ex-LPL, Ameriprise Broker Ran A $1.56M Ponzi Scheme

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John Nicholas Matson of San Diego was charged with three counts of fraud as the agency seeks a jury trial.

'Hot Money' That Surged At Banks Gets Tougher Treatment Under FDIC Proposal

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Brokered deposits have long raised concerns because they can be a quick fix for troubled banks.

Ex-Morgan Stanley Broker Pleads Guilty To Defrauding Client

by FA Staff

Prosecutors said Ronald Diaz scammed an elderly client out of $867,000 that was supposed to be used for annuities.

Ameriprise Sues LPL Over 'Pattern' Of Stealing Client Info

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The two firms are often fighting for each other's reps. Now Ameriprise says LPL has gone too far.

SEC Charges Another Rep With Selling Now-Defunct GWG Bonds

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Investors were falsely told that the "L bonds" were guaranteed, the agency said.

Ameriprise Sued By Clients Over Low Cash Sweep Rates

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The suit follows one against LPL. Both firms said in earnings calls last week they weren't changing rates.

Morgan Stanley's Zentner To Lead New Global Investment Team

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Ellen Zentner was head of U.S. macroeconomics at Morgan Stanley since 2015.

U.S. Court Halts Implementation Of DOL Fiduciary Rule

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Industry groups are “virtually certain to succeed” in their lawsuit to overturn the rule, the court ruled.

Merrill, IMG Academy Take Financial Literacy To Student Athletes

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With college athletes now earning income, IMG Academy is looking to Merrill to provide financial education.

LPL Beats Earnings Estimates, Adds 578 Net Advisors In Q2

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LPL Financial's Q2 adjusted earnings per share came in at $3.88, as the firm didn't change sweep rates.

Prudential Seeks Restraining Order Against 4 Advisors Who Went To Ameriprise

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The Wisconsin team has taken at least $30 million in client assets out the door, according to Prudential's suit.

Ameriprise Not Budging On Low Cash Sweep Rates

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While other firms have raised rates on parked money, the broker-dealer said it doesn't understand the hubbub.

Raymond James Profits Jump 33%, Independent Network Shrinks 2% In The Quarter

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Raymond James is learning how to grow without adding many advisors.

Former SEC Commissioner, Fiduciary Advocates Slam Reg BI At 5 Years Old

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Robert Jackson said the problems that existed before the regulation still exist.

Arizona Orders B-D To Pay $1M For Failing To Catch Rep's Fraud

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State regulators said the late rep had swindled $4.5 million from clients over 30 years.

Brokerages Boost Cash Sweep Account Rates To Quiet Outflows, Lawsuits

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Wells Fargo, Morgan Stanley and Merrill Lynch have used earnings calls to publicize changes. Is LPL next?

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