When it comes to controlling client assets, LPL Investment Holdings Inc.'s recent IPO registration offers clear proof that the remaining four wirehouse broker-dealers still dwarf the more diverse galaxy of independent broker-dealers.
LPL Investment Holdings Inc. today said it has sealed the deal with the executive who has overseen the company's growth and its march to an IPO.
Joseph B. “Joby” Gruber, the former CEO of AIG broker-dealer FSC Securities Corp. who was forced to resign after Finra accused him of allowing an underling to take continuing-education exams in his name, is back in the independent broker-dealer business.
Embattled broker-dealer Jesup & Lamont Securities Corp. was dealing with other serious regulatory matters in the weeks before Finra last week ordered the firm and its 300 reps to cease conducting business.
In an age of automation, broker-dealers interested in alternative investments -- hedge funds, LLPs,, non-traded REITs and the like -- still rely on phone calls and faxes to conduct transactions. A new platform could change all that.
Bambi Holzer hit with client complaint over selling of risky offerings; broker has appeared on 'Today,' CNN and CNBC
With the sale of private placements facing intense scrutiny from securities regulators, one due diligence attorney has fired off a potent missive to Finra officials about clients' responsibilities when buying the high risk deals.
News that two firms have been charged with fraud related to large private-securities deals could lead to a serious headache for many midsize to large independent broker-dealers whose financial advisers sold the products to wealthy investors.
Okoboji Financial Services Inc. filed forms with both the SEC and Finra to withdraw as a broker-dealer.<br><b>INsider:</b> <a href=http://www.investmentnews.com/article/20100530/REG/305309970>Why are so many broker-dealers disappearing?</a>
