Meanwhile, other broker-dealers are talking to teams of B. Riley financial advisors.
The alleged fraud began in 2020, according to the SEC.
“Broker-dealers and RIAs are right now in a position where they must over disclose," says one industry executive.
“With Alex David leaving Stifel, what does that say about the independent brokerage business there,” asks one brokerage executive.
“Insurance is paramount in the broker-dealer industry, but you have to have insurance that pays,” a plaintiff's attorney said.
"I reiterate that I disagree with the allegations made in these suits," says Jim Walesa.
Decision comes at a time when financial advice industry is facing pressure to offer clients more services at a better price.
“It’s a bit ironic individuals can use the money taken from investors to pay for lawyers to keep them out of jail,” says one executive.
Charged with murder, Anthony Turner's trial was scheduled to begin Monday.
In reality, the firm managed less than $25 million, according to the SEC.
