Led by 36-year industry veteran Michael Greenstone, the group was managing $343 million of client assets at their former home, Merrill said.
Arbitrators hold the embattled investment advisor and affiliated broker-dealer liable for unsuitable ETF investment and failure to supervise.
Dismissal over penny-stock complaint was a subterfuge for firm’s anger over his cooperation with authorities in uncovering alleged elder abuse fraud by colleague and former client, broker claims in lawsuit.
Frank Amigo, manager of firm’s South Florida complex, allegedly helped a broker arrange margin loans for client accused of $200 million Ponzi scheme.
Dollars leaving Merrill advisors for Merrill Edge fell by 22.5% last year while loans jumping to the bank skidded 93%.
After 13 years, Xerxes Mullan leaves Private Banking and Investment Group with five associates to build a family office for entrepreneurs.
Overall advisor ranks fell 2% as new president Naratil executes plan to cut expensive recruiting wars.
Aussie who failed to prove botched execution of a T-note purchase in his U.S. IRA loses in bid to keep his claim against California advisors alive on BrokerCheck.