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.
Texas group had formerly been affiliated with Cetera.
Massachusetts securities regulator says agents for six B-Ds and an RIA submitted unauthorized proxy votes for nontraded REITs controlled by a Nicholas Schorsch firm.
Bad VA switches were supposed to be a thing of the past, but the independent broker-dealer industry should take heed of this fine.
The firm is selling a majority stake of NFP Advisor Services to funds managed by private equity shop Stone Point Capital.
The national advisory firm works with institutional clients such as defined-contribution and traditional pension plans.
The independent broker-dealer is paying restitution for failing to waive sales charges for some retirement plans and charitable organizations, according to Finra.
