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.
Independent broker-dealer Cambridge Investment lost arbitration request for more than $390,000 from advisor fired for block-trading issues.
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.
The departures in Missouri and Oregon on Friday add to steady drain of brokers from Wells over the past two years.
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.
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.
Separately, a veteran Beverly Hills broker with around $730,000 left for Wells Fargo Advisors.
Opens RIA firm with six Wells colleagues who had managed $800 million in assets, according to a regulatory filing.
Bruce Lee, a former top-ranked broker to the very wealthy, has joined with another PBIG alumnus to launch Keebeck Wealth Management.
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.