A former middle school and high school English teacher, Bruce Kelly started at InvestmentNews in 2000 as the brokerage reporter after a two-year stint at sister publication Pensions & Investments. He writes a bi-weekly, award winning column, On Advice, and covers the independent broker-dealer industry.
"A broker admitting that he has been ripping off clients for 17 years is beyond troubling," said one attorney.
"Nobody knows what’s happening internally in these pooled funds at the retail level," said one plaintiff's attorney.
"Having relationships with financial advisors is one of the greatest assets these senior executives possess," said one industry official.
"Buying options is fraught with risk for financial advisors," one attorney noted.
Firms must take reasonable steps to avoid financial advisors' selling away, one compliance expert noted.
Patience is rarely rewarded when it comes to redemptions of some nontraded REITs, one executive noted.
Expect to see more inconsistency around deferred compensation claims, says one attorney.
'The firm is unique because of its retail brand,' says one industry consultant.
'Lie, whatever you have to do, to get those trades placed,' one advisor said to the other, according to the SEC.
GPB executives used phony, back-dated documents as part of a scheme to defraud investors, federal prosecutor claims.
