SEC enforcement officials said Gregory J. Adams and Larry C. Grossman, both of Sovereign International Asset Management, put most of their clients' money into funds controlled by an asset manager who paid them $4.3 million in commissions. They failed to disclose the conflict of interest, the SEC said.
The advisers, who previously managed more than $934 million, join the firm's employee broker-dealer channel.
Retirement planning leaps ahead of investing, tax planning and estate planning as the top area in which couples require financial assistance
Banned from industry for stealing funds to invest in company, buy condo and pickup
The new recruits represent HighTower's first Connecticut location
The company's latest web product to track portfolios joins the efforts of rivals including Jemstep, Betterment and FutureAdvisor
With total fundraising at $15 million, firm plans to bolster product, boost distribution.
A longtime securities regulator has been named to lead the Securities and Exchange Commission's inspections of broker-dealers.
Firm's crop of recent hires for its wealth management unit have managed more than $5.2 billion.
Dynasty Financial Partners has scored a two-person financial adviser team from Credit Suisse Group AG who managed $1 billion in client assets, the advisory platform provider said Monday.
