Company founded by one-time real estate mogul Nicholas Schorsch announces $3 million settlement with Massachusetts Securities Division and said it will lay off nearly 150 employees.
The tax code says fines paid to a government "agency or instrumentality" for violation of a law aren't tax-deductible.
Cetera CEO Larry Roth says the company is shedding the RCS Capital name, officially putting the Nicholas Schorsch era behind it.
CEO Larry Roth acknowledges that the company has been looking at senior management structure.
The company remains mum about reports that Mr. Roth has been replaced by chairman Robert Moore as CEO. <i>Plus: <a href="//www.investmentnews.com/article/20160815/BLOG09/160819961/key-principles-to-guide-corporate-governance-procedures-for-the-ibd"" target=""_blank"" rel="noopener noreferrer"> Mr. Roth and Mr. Moore discuss the principles they developed for Cetera's board</a></i>
Mr. Moore, Cetera's non-executive chairman, will take over the reins Sept. 12.
A board of directors should exist to serve the interests of the company and its key stakeholders &mdash; not the other way around.
Joseph J. Lampariello also ordered to pay nearly $40 million in restitution.
Preferred Apartment Communities Inc. is selling nontraded preferred shares to help fund its growth, giving brokers a 7% commission.
New regulation was catalyst for broker-dealer to impose uniformity, says LPL Financial's Mark Casady.
The adviser boycotted her enforcement hearing, but that may not stop the regulator from throwing her out of the securities industry.
Lobbying group's chairwoman said its biggest member firm bolted after it couldn't get a break on annual dues for large firms.
The expense speaks to the difficulty broker-dealers are facing to comply with the controversial new regulation.
Firms today must do much more in their relationship with advisers to keep them satisfied.
A side firm has brought a Finra arbitration claim against five of the advisers, who have filed a counterclaim in federal court.
City Financial Corp., which is being acquired by Stifel, is an independent investment bank focused on wealth management and municipal underwriting in the Midwest.
Many have either been acquired or are trying to become national firms.
As broker-dealers move toward uniform commissions to comply with Labor Department rule, investors could end up paying higher prices than in an unregulated environment. <b><i>(More: <a href="http://www.investmentnews.com/section/fiduciary-focus" target="_blank">The DOL rule from all angles</a>)</i></b>
Brokerage firm failed to notify customers of changes in their account records as a result of a computer coding error, regulator claims.
