Arbitrators deny fraud claim involving an options “overlay” strategy devised by New York team that allegedly cost investors millions of dollars in losses.
Arbitrators say racing champ who objected to paying fees on his large cash position was due an award for unsuitability and negligent supervision by independent brokerage firm.
Complaints from retired broker about underpayments from colleagues who “bought” practice triggered a review of “Former Advisor Program” that led to ten terminations this week.
High-profile Washington State broker Phil Scott moved his 11-person team on Tuesday to First Republic.
Yearning to “drive the ship” himself after almost four decades at Merrill, broker managing $360 million for 56 families strikes out on his own.
It also promoted an associate complex manager in Bethesda, Maryland, to manage a large Potomac branch, which has about 20 advisors overseeing over $5 billion in client assets.
Citing the global pandemic and its economic consequences, Florida-based firm outlines plans to cut costs broadly to generate “significant efficiencies.”
Lawsuit alleges negligence and invasion of privacy over Morgan Stanley’s admissions that decommissioned data-center hardware and some old branch servers were not scrubbed of customer data.
Lawsuit seeking to bar Ameriprise broker from contacting his former Edward Jones clients says he deceived some about who he was working for.
There have been no hacks, but wirehouse offers free credit reports for two years because hardware from decommissioned data centers was not completely scrubbed before disposal.