A former GunnAllen Financial Inc. and Ameriprise Financial Services Inc. broker pleaded guilty this month to two federal charges, one of mail fraud and the other of filing a false tax return, and he faces up to 23 years in prison when he is sentenced in September.
<a href=http://www.investmentnews.com/apps/pbcs.dll/section?Category=Topic&keywordid=261&keywordname=LPL%20Financial> LPL Holdings Inc. </a>and three broker-dealer subsidiaries have sued Pacific Life Insurance Co., claiming the latter is in breach of contract and trying to duck paying potentially millions of dollars of settlements and awards stemming from rogue brokers.
National Planning Corp. is scooping up the representatives and assets of Main Street Securities LLC, which is closing down its broker-dealer operations to join NPC.
William Blair & Co. LLC and two ex-brokers at the firm have been socked with a $1.1 million arbitration decision that centered on two brokers' setting up a phony e-mail address where they sent statements from the brokerage account of an 88-year-old widow.
National Planning Corp. Inc. is scooping up the reps and assets of Main Street Securities LLC, which is closing down its broker-dealer operations to join NPC.
LPL Investment Holdings Inc. continues to recruit heavily this year.
Company says legal tab in 2009 equaled 12% of revenue; crashed bond funds to blame
After recruiting some 500 representatives so far this year, Ameriprise Financial Inc. is gutting and rebuilding its recruiting staff as part of an effort to bring in more independent reps.
After months of pursuit, Donald Marron finally has landed a broker-dealer network, and the former chairman and chief executive of PaineWebber Group Inc. can't think more highly of its potential.
