Meanwhile, Finra’s fines against the brokerage industry declined in 2024.
Calvin Gray repeatedly impersonated victims who were customers of a number of other banks and financial institutions, according to a federal indictment.
The large award comes at a time when the wealth management industry is seeing leading firms sue each other over recruiting each other’s financial advisors.
And GPB founder David Gentile and ex-broker-dealer chief Jeff Schneider want the company to continue paying legal expenses.
In 2019, the SEC claimed Commonwealth had breached its fiduciary duty.
The Finra panel found UBS Financial Services liable for $69.1 million in punitive damages.
It’s an unannounced leadership shift at a broker-dealer working to rebrand.
Ameriprise has targeted LPL in at least four complaints sinch January 2024, alleging its competitor had unfairly hired its financial advisors.
The wirehouse's "strong investment in technology and AI has improved financial advisor productivity," KBW's David Konrad said.
The company last week reported a 57 percent increase in loans made to advisors in 2024.
