Finra is seeking to shut down a broker-dealer it alleges is selling fraudulent oil and gas private placements.
Ameriprise Financial Inc. is willing to spend nearly $200 million to bail out its beleaguered independent-broker-dealer subsidiary, Securities America Inc., because the spectacle of its collapse would be a huge embarrassment for the financial planning giant and draw the ire of regulators, according to securities industry experts
Securities America Inc. could go out of business if a federal judge does not approve a $21 million class action settlement related to private-placement litigation against the company
Finra is prepared to spank the broker-dealer arm of one of the largest sponsors of non-traded real estate investment trusts for allegedly failing to meet standards for advertising and keeping client information safe
The fines imposed last week by Finra on broker-dealers and executives involved in the sale of failed private placements are likely the first of many to emerge from regulators' crackdown on the sale of the securities
Amount equals about 10% of total client losses on Reg D notes later deemed fraudulent by the SEC
National Securities receives notice of imminent enforcement action; scrutiny likely stems from sale of Provident Royalties notes
On Friday, Securities America's CFO said the brokerage could face bankruptcy if a judge rejected a proposed settlement over soured private placements. The judge rejected the settlement. Now, Securities America's parent may step in to try to bail out the besieged B-D.
A judge shoots down a possible class-action settlement between Securities America and private placement investors, leaving the brokerage's future in doubt
