A broker-dealer executive and outspoken critic of the Financial Industry Regulatory Authority Inc. lost his appeal of a Finra suspension for failing to supervise his staff adequately.
Revenue increased for a healthy majority of financial advisers over the past 12 months, according to <i>InvestmentNews</i>' 2010 Industry Attitudes survey — a clear bounce-back from 2009, when calamitous market conditions struck panic among investors and advisers alike
Sluggish recruiting and the continued slow migration of advisers to smaller firms has left the three biggest wirehouses either adding minimally to the work force or watching the head count drop
B-Ds' account statements come under scrutiny; further guidance from regulator possible
Industry group cobbling together best practices for private placements; sponsor-supplied reports not sufficient
Dozens of plaintiffs suing brokerage firms this month have seen a veritable gusher of multimillion-dollar awards, leaving some plaintiff's attorneys anticipating a continued stream of such arbitration rulings
Montana's commissioner of securities and insurance has sued Securities America Inc. over the sale of failed private placements, making it the second state to target the broker-dealer for selling the risky investments.
Five years before a series of Medical Capital Holdings Inc. private placements disintegrated — wiping out $1.1 billion in investor cash — securities regulators were already concerned about the lack of audited financial information for the deals.
In a highly unusual legal maneuver in its battle with Massachusetts securities regulators, Securities America Inc. is requesting that other broker-dealers that sold the private-placement investments of Medical Capital Holdings be issued subpoenas — a move designed demonstrate that Securities America met industry standards when 400 of its affiliated brokers sold close to $700 million of now worthless MedCap notes to clients.
Finra tells Peak Securities to pay $400K to settle a claim over a private placement sale for Medical Capital. The kicker: hundreds more complaints loom as irate investors look to recoup losses from questionable Reg D offerings
