Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Meanwhile, Merrill Lynch intends to continue building its alternative investment platform for wealthy clients.
“The Bluerock share redemptions are outrunning fund raising,” said one analyst. “I can’t imagine it will be treated kindly in the public markets.”
"I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.
Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.
Former advisor Isaiah Williams allegedly used the stolen funds from ex-Dolphins defensive safety Reshad Jones for numerous personal expenses, according to police and court records.
RIA assets are key for broker-dealers right now.
