Voter backlash could preserve indie reps' employment status
Arbitration woes knock Kentucky-based firm out of the business
In what has become an all-too-familiar scene, another broker-dealer has received a cease-business letter for failing to have sufficient capital on hand.
According to officials in Missouri, brokers from two B-Ds unknowingly cold called state securities regulators at their offices, then tried to pitch them on 'can't-miss' investments. But wait, the story gets better.
Former Wall Street chieftains Philip Purcell and David Pottruck’s plan to snatch superstar brokers for a start-up advisory firm and independent broker-dealer is making significant strides as a top broker is preparing to leave the ruins of his old firm and go independent.
Wall Street is likely to lose yet another superstar securities broker to the investment advisory side of the business, as Richard Saperstein prepares to leave JPMorgan Securities and take his $10 billion book of business to a startup, according to sources.
Next Financial Group Inc. was hit last month with its third significant regulatory action in three years when Finra socked it with a $400,000 fine and $102,000 in restitution to clients.
Representatives and advisers at Brewer Financial, a Chicago-based independent broker-dealer, are said to be looking to jump ship after the Securities and Exchange Commission charged the firm and its top two executives with fraud in selling $5.6 million in promissory notes to 74 investors.
