New York firm seeks to pay $3.5 million to clients who bought share classes that paid 12b-1 fees when less expensive classes were available.
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.
Oppenheimer takes $6 million hit to put decade-old problem with the illiquid instruments behind it, while a California broker wins expungement of claim she sold auction rate securities without proper disclosure.
New York firm says insider Ed Harrington will move from its asset management unit to head the firm’s private client group in February.
Customer who sought $3.5 million from Opco for unsuitable trading wins $800,000, and his broker and a former Opco chartist lose bids to have complaints expunged from their regulatory records.
California-based broker is one of two leaving UBS in the Golden State in recent days, the other in more secretive circumstances.
Embryonic unit being formed under former LPL Financial executive Derek Bruton, who hands reins of Newport Beach office to former Merrill manager.
Arbitration panel awards UBS full promissory note claims and legal fees from a broker who left after just over one year for Oppenheimer.
New York firm eroded more brokers during the fourth quarter but advisory fee revenue (and executive compensation) soared.