The new head of one of the largest independent broker-dealers served as head of wealth management at UBS's Advisor Group Americas.
Government says he took in $1.4 million, diverting some of it to investors and using much of the money on himself.
One analyst says company likely not for sale at this time after all.
Replacing Mark Casady as chief executive, Mr. Arnold is slated to receive $5.4 million in total compensation next year, almost three times the $1.85 million he earned in 2015.
There could be a real opportunity for the first time in years for private equity players targeting advisory firms.
Mr. James has long been involved in leadership roles at the broker-dealer his father founded in 1962.
The Denver area practice will operate as First Avenue Wealth Partners.
Both former brokers settled and refused to testify.
Taking $2.6 billion in assets with him, Carson is second prominent adviser to leave LPL this month. <b><i>(More: <a href=""" target=""_blank"" rel="noopener noreferrer">Carson on why we're on the eve of massive disruption in financial services</a>)</i></b>
Morgan Stanley, Ameriprise Financial, Raymond James and others are finally showing their cards.
Firm executives would not comment during its earnings call on a report that emerged last month that it was exploring a sale.
Investment bank called in to evaluate what LPL considered a low-ball offer, sources said. (Related read: <a href=""" target="”blank"" rel="noopener noreferrer">LPL Financial's problems keep piling up</a>)
Founders of The Filla Latzke Group pull stakes
Executive has been listening to advisers' worries for months, and finds serious confusion remains about responsibilities under the new regulation.
Capital Financial Planning in Albany, N.Y., joining LPL's brokerage and RIA platforms with 18 advisers.
Puplava Financial Services joins a wave of independent RIAs moving to larger broker-dealers.
WealthPLAN Partners was with LPL for 27 years.
