In what may be a first, a Native American tribe is buying a broker-dealer and money manager, with a plan to win business by using its status as a minority-owned firm to appeal to Native American investors.
Finra is continuing to reach out to the spouses of military personnel to give them the training to help others deal with financial difficulties.
Another team of Morgan Stanley Smith Barney brokers in California, who say they've recently managed about $500 million, has left to set up its own RIA.
LPL Financial is continuing to add to its platform of retirement offerings and products for reps and advisers focused on the 401(k) market.
A former investment adviser who once told the Internal Revenue Service that he had “citizenship in heaven”— and not the United States — was sentenced in a federal court in Dallas yesterday to 40 months in prison for setting up a series of sham offshore investments that worked as tax dodges.
Another team of Morgan Stanley Smith Barney brokers in California, who say they've recently managed about $500 million, has left to set up their own RIA.
Another team of registered representatives who work with wealthy clients has turned its back on Wall Street to become independent registered investment advisers.
Medical Capital Holdings Inc., which sold private-placement offerings through a number of independent broker-dealers and has been charged with fraud by the Securities and Exchange Commission, spent freely and lavishly on assets that had nothing to do with medical receivables — its core business — according to court papers filed last week.
Advisers across American International Group Inc.'s three broker-dealers were stunned to learn that — contrary to all prior indications — the sale of the insurer's broker-dealer network would be scrapped.
Just months before his now-infamous Ponzi scheme collapsed, Bernie Madoff snookered a Merrill Lynch adviser who was attempting to perform due diligence on him for a foundation that serves the elderly, according to a lawsuit filed in federal court in Florida last week.
