The Securities and Exchange Commission's warning to The Charles Schwab Corp. that it could face civil charges over two fixed-income mutual funds may have a direct effect on current and looming legal actions from investors over losses suffered in the funds.
Morgan Stanley Smith Barney LLC has lost a $3 million producing team of veteran Smith Barney brokers to rival J.P. Morgan Securities LLC.
Finra is playing hardball with a broker-dealer that recently lost a securities arbitration, according to the chief executive of the small broker-dealer that's battling with the regulator.
Another small broker-dealer has been shut down, with this one owing $1.2 million in damages and legal fees imposed on it in a recent arbitration decision.
Finra arbitrators have ordered a securities analyst who claims he was wrongfully fired by Rodman & Renshaw LLC in 2006 for attempting to lower a stock rating to pay the broker-dealer $10.7 million in damages.
Charges could lead to loss of firm's Finra registration, source says
One of the owners of the defunct oil and gas dealmaker Provident Royalties LLC has pleaded guilty to conspiring to defraud investors in a $485 million scheme that ensnared dozens of independent broker-dealers.
If LPL decides to launch anytime soon — as of yet, no date has been set — it will be doing so smack dab in the middle of an incredibly difficult market for IPOs in general and financial services stocks in particular.
Brokerage executives are slamming the SEC's proposal to allow broker-dealers to set their own sales charges on mutual funds, claiming that it could create problems for both the industry and individual investors.
When HighTower Advisors LLC was launched in 2008, its pedigree and promise caught the industry's attention and the interest of a number of highly successful advisers.
