Oscar Donald Overbey, Jr., was sentenced to 3-1/2 years in federal prison and must repay more than $3 million in restitution from Ponzi.
Company bucks industry trend toward forming broker teams.
Bank of America has dodged a high-profile, $20 million lawsuit brought by NFL star Dwight Freeney, who sued the company and his Merrill Lynch adviser, but the star's attorney says he plans to refile.
Sending a message that brokerage firms need to step up their monitoring, Finra settled with Morgan Stanley and Scottrade for failing to supervise wire transfers.
A top broker in California, Marc D. Lowe was dismissed earlier this month for "inappropriate workplace behavior;" circumstances still unclear.
Firm agrees to pay up to settle charges that some of its brokers were using titles that did not comply with Massachusetts' senior designation regulations.
Massachusetts' top securities cop has charged the firm with failure to supervise a broker who allegedly used deceptive advertising on his radio show, exploiting the dangers of Alzheimer's to gain access to elderly clients.
The Horizon Group, a retirement planning firm formerly with Cadaret Grant, joins in Rochester, N.Y.
Citing 'widespread supervisory failures,' Finra says the firm failed to properly supervise sales of complex products, including certain ETFs, variable annuities and non-traded REITs.
