New Jersey-based Gladstone Wealth Group, which has been recruiting wirehouse managers in an effort to quickly expand its franchise, signs up 21-year industry veteran.
Michael Struckman, who left Morgan Stanley and his Southeast regional post almost a year ago, affiliated with LPL on Tuesday.
Jeb Bashaw, a Houston-based independent broker with a history of litigation against LPL, receives four-month suspension, fine and a requirement to retake the Series 7 exam for borrowing $200,000 from a customer who was a “longtime friend.”
The fine is tied to a broader $26 million settlement the independent broker-dealer reached last year with state securities regulators.
Texas broker sold a partnership to clients that bought life policy of a terminally ill individual, violating firm and Finra rules, and resulting in $1 million loss to investors.
Four-year-old Bleakley Financial’s AUM of about $4.5 billion comes from books its advisers built largely at Northwestern Mutual, but it is now looking for wirehouse recruits.
Nine-advisor team in Louisiana managing some $633 millon shifts to W-2 status with new broker-dealer.
LPL’s army of independents fell a net 65 during the quarter due to the loss of a large firm, while Stifel added a net three brokers and Oppenheimer continued to let loose low producers.
A data leak revealed last week at BlackRock Inc. exposed names, email addresses and other information of about 20,000 advisers who are clients of the asset manager, including 12,000 at LPL Financial, the largest U.S. independent broker dealer.