Neal Smalbach was fired by a broker-dealer in 2008 for selling securities while he was unregistered, an infraction that got him suspended by the Financial Industry Regulatory Authority Inc. for six months, according to the organization's BrokerCheck system.
Class-action litigants, B-D finally sign off on deal over soured Reg D offerings; agreement to be filed with judge 'within the week'
The securities industry wants no part of a Finra proposal to cap at 15% commissions and other fees for outside private placements, claiming that it would prevent small business from raising capital
The B-D's finance chief says the brokerage, part of Ameriprise, could be on the brink -- if a judge fails to approve a class-action settlement over failed private placements
The Securities and Exchange Commission has alleged that an independent broker-dealer that was a leading seller of allegedly fraudulent private placements failed to conduct reasonable investigations into the offerings — and pocketed fees for due diligence without adequately researching the instruments
Struggling B-D ordered to pay $578K over private-placement sale; brokerage down to $80K in net capital
After struggling during the darkest days of the credit crisis, SagePoint Financial Inc., which is owned by American International Group Inc., is back to playing offense, today closing a purchase of the assets of Spectrum Capital Inc.
A judge in Georgia decided this week that J.P. Turner & Co. was not required to perform due diligence on stock from now-bankrupt Provident Royalties. A big deal? It is if the ruling boosts other B-Ds being sued for Reg D offerings that went south.
The independent broker-dealer industry came roaring back in 2010, with the 25 biggest firms collectively reporting a 16.9% increase in total revenue, compared with the year before
At a time when litigation has threatened the financial viability of several securities firms, executives at independent broker-dealers, as well as the more than 110,000 or so independent-contractor registered reps, often are woefully underinformed about their errors-and-omissions insurance, according to industry observers
