Raymond Schmidt borrowed some $2.25 million from customers to build an island retreat without notifying his firm, Finra said.
Declines in transaction revenue and slower growth in fee revenue hampered performance.
The regulator is still doing research, but expects to move forward in the “short term,” said Susan Axelrod, executive vice president of regulatory operations.
Some of the biggest adviser moves in 3Q were teams who left wirehouses to join firms that offered company shares for those willing to take the risk. <i>Plus:</i> Check out <i>IN</i>'s <a href="http://data.investmentnews.com/aotm/" target="_blank">Advisers on the Move database</a>.
Many advisers are trying to decide whether to offer a digital advice platform and how to incorporate and price the service. <b><i>(Don't miss: <a href="http://www.investmentnews.com/gallery/20150310/FREE/310009998/PH/10-top-robo-advisers-to-watch" target="_blank">10 top robo-advisers to watch</a>)</i></b>
Over 60 brokers have jumped to LPL since October, MetLife alleges; former brokers strike back, accusing the insurance company of poor practices.
TC Wealth Management joins in New York, adds to HighTower's 13 transitions in 2014.
Aaron Parthemer, left, a Wells Fargo adviser for a number of NFL and NBA players, allegedly ran a hip hop dance club in South Beach without telling his employer.
Bank of America Merrill Lynch's former top broker in Indiana, who was abruptly fired last month, has found a new home at RBC Wealth Management.
