Broker Dealers

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NEWS BROKER DEALERS OCT 19, 2010
Securities America seeks to have B-Ds subpoenaed over private placements

In a highly unusual legal maneuver in its battle with Massachusetts securities regulators, Securities America Inc. is requesting that other broker-dealers that sold the private-placement investments of Medical Capital Holdings be issued subpoenas — a move designed demonstrate that Securities America met industry standards when 400 of its affiliated brokers sold close to $700 million of now worthless MedCap notes to clients.

NEWS BROKER DEALERS OCT 15, 2010
Ex-Ameriprise adviser gets five years for fraud; ordered to repay B-D $2.7M

An Ooltewah, Tenn., financial adviser has been sentenced to five years in prison and ordered to pay more than $2.7 million in restitution to his former broker-dealer, Ameriprise Financial Inc., after pleading guilty to misappropriating his clients' money while he worked for the Minneapolis-based firm.

NEWS BROKER DEALERS OCT 06, 2010
Arbitrators: B-Ds kept brokers in the dark on private deals

From giants such as Citigroup Inc. to small broker-dealers such as Pacific West Securities Inc., brokerage firms have kept their representatives in the dark about problematic details in investments.

Another broker-dealer down: Dallas B-D capsized by MedCap
NEWS BROKER DEALERS OCT 01, 2010
Another broker-dealer down: Dallas B-D capsized by MedCap

Another independent broker-dealer has bitten the dust, this time apparently because of some private placement deals that went bust.

Finra closes B-D for excessive markups
NEWS BROKER DEALERS SEP 13, 2010
Finra closes B-D for excessive markups

Finra has shuttered a small Texas broker-dealer for allegedly charging clients excessive markups on $1.3 million in securities transactions.

NEWS BROKER DEALERS SEP 10, 2010
Raymond James axes Conn. broker amid SEC probe

Raymond James Financial Services Inc. early this month fired a broker who held key financial positions in local Connecticut politics after discovering he was under investigation for misappropriating clients' funds.

Texas firm latest B-D to close its doors
NEWS BROKER DEALERS SEP 01, 2010
Texas firm latest B-D to close its doors

United Equity Securities LLC filed with the Financial Industry Regulatory Authority Inc. on Aug. 12 to terminate its status as a broker-dealer.

NEWS BROKER DEALERS SEP 01, 2010
Private-placement problems zap 12 indie B-Ds

Selling private placements has turned into a disaster for some independent broker-dealers.

NEWS BROKER DEALERS AUG 31, 2010
MaxxTrade the latest B-D to go belly-up

Another small broker-dealer has been shut down, with this one owing $1.2 million in damages and legal fees imposed on it in a recent arbitration decision.

NEWS BROKER DEALERS AUG 26, 2010
Advisers on the Move: Raymond James recruits $1M producers from Wells Fargo

Steve Jones and Seth Gunderson have formed Tenacity Investment Group in Longmont, Colo.

NEWS BROKER DEALERS AUG 05, 2010
LPL picks bad time to go public

If LPL decides to launch anytime soon — as of yet, no date has been set — it will be doing so smack dab in the middle of an incredibly difficult market for IPOs in general and financial services stocks in particular.

NEWS BROKER DEALERS AUG 02, 2010
High-profile HighTower attracts controversy as well as brokers

When HighTower Advisors LLC was launched in 2008, its pedigree and promise caught the industry's attention and the interest of a number of highly successful advisers.

NEWS RIAS JUL 28, 2010
Charles Goldman to leave Fidelity

Recruited from Charles Schwab Corp., Mr. Goldman will be leaving Fidelity after just one year.

NEWS BROKER DEALERS JUL 22, 2010
Penson buys Ridge clearing business for $35 million

The deal adds about 100 Ridge clients to Penson's base of 297 brokerage firms, making it the second largest correspondent clearing firm in the securities industry.

NEWS BROKER DEALERS JUL 22, 2010
What LPL's IPO reveals about indie broker-dealers

When it comes to controlling client assets, LPL Investment Holdings Inc.'s recent IPO registration offers clear proof that the remaining four wirehouse broker-dealers still dwarf the more diverse galaxy of independent broker-dealers.

LPL's Mark Casady: Five more years
NEWS BROKER DEALERS JUL 22, 2010
LPL's Mark Casady: Five more years

LPL Investment Holdings Inc. today said it has sealed the deal with the executive who has overseen the company's growth and its march to an IPO.

NEWS BROKER DEALERS JUL 19, 2010
Advisers on the Move: $700M ING team moves to Triad

Gitterman & Associates, a 10-person team in Georgia, has found a new home.

NEWS BROKER DEALERS JUN 29, 2010
Lightyear wraps up purchase of ING B-Ds, re-brands group Cetera

Private-equity firm Lightyear Capital LLC today announced that it has completed its acquisition of three ING Groep NV broker-dealers.

Another indie broker-dealer is closing up shop
NEWS BROKER DEALERS JUN 28, 2010
Another indie broker-dealer is closing up shop

Another independent broker-dealer is shutting down — this time, so its parent company can refocus on its insurance business.

NEWS BROKER DEALERS JUN 20, 2010
LPL's Mark Casady: Five more years

LPL Investment Holdings Inc. last week said that it has sealed the deal with the executive who has overseen the company's growth and its march to an IPO.