Since the credit crisis, investment frauds have proliferated in ways most Wall Street executives and financial advisors in 2008 never would have foreseen.
James Couture of Worcester, Massachusetts, had pleaded guilty in September to being involved in a scheme to steal $2.8 million from clients.
The firm posted record net revenue in wealth management last year, in contrast to investment banking, where it saw a 49% decline in revenue during the fourth quarter.
Advisors at Wells Fargo have been under a cloud since 2016, when the bank's fake-account scandal erupted.
The wealth management franchise at Bank of America continued to perform well in 2022 despite the stock market sell-off.
In an episode of the lifestyle podcast, the head of Goldman Sachs Personal Financial Management listed some tenets of financial advice he's used in his career and talked about ways his life has informed his work with money.
The Patriot Financial Group, based in a suburb of Boston, works with 70 financial advisors who have $2.5 billion in client assets.
In this year's report, the regulator also created a separate section under the heading of 'financial crimes,' which includes cybersecurity, anti-money laundering and manipulative trading.
Finra has made a 'preliminary decision' to recommend some type of disciplinary action against James Iannazzo, according to BrokerCheck.
There are plenty of private equity managers left who could still invest in large branch offices of independent broker-dealers.
