RIA
Ex-Merrill Broker Who Borrowed from Client to Go Indie Gets Finra Suspension
Virginia advisor timely repaid a $250,000 loan he used to remodel his “breakaway” office while at the wirehouse, but lost his job and has been sanctioned for failing to receive Merrill approval.
Fired Texas Advisor Overcomes Firm Claim for Reimbursement
Independent broker-dealer Cambridge Investment lost arbitration request for more than $390,000 from advisor fired for block-trading issues.
Wells Sues Breakaway Missouri Team for Breach of Broker Protocol
Wells asks court to restrain five-person team managing about $600 million from using information they allegedly took prior to their departure in late September.
One Wells Team Splits to Start RIA, Another Joins Regional D.A. Davidson
The departures in Missouri and Oregon on Friday add to steady drain of brokers from Wells over the past two years.
Nickel-and-dime Trading Violations Yield Big Fine for Small Firm
BAC Florida Investments, which has 23 registered reps, agrees to $100,000 fine for overcharging a registered investment advisor’s customers in fixed-income pricing fraud.
SEC Fines Wisconsin RIA for Failing to Disclose Fee Conflicts
Hybrid broker and advisory firm that manages $1.5 billion agreed to pay $242,000 for putting advisory clients into 12b-1 share classes and for steering them to a custodian that was paying the firm for the referrals.
UBS Team with Nearly $3-Mln in Production Opens RIA in Denver
Separately, a veteran Beverly Hills broker with around $730,000 left for Wells Fargo Advisors.
Wells Veteran in Washington Bolts for Independence After 51 Years
Opens RIA firm with six Wells colleagues who had managed $800 million in assets, according to a regulatory filing.
Focus Financial Buys $3.5 Billion RIA in Atlanta
The aggregator of small advisory firms put together deal for Edge Advisors as it was putting final touches on its $535 million IPO.
Booted by Merrill, Chicago PBIG Broker Opens Dynasty-Backed RIA
Bruce Lee, a former top-ranked broker to the very wealthy, has joined with another PBIG alumnus to launch Keebeck Wealth Management.
Kestra Unit Recruits Some UBS Vets to an RIA Platform
Rhode Island team that was managing about $340 million joins independent broker’s “private client group,” an RIA aiming to provide more support and lower payout than in a traditional Kestra arrangement.