A federal judge in Florida has sentenced former Fort Lauderdale, Florida broker Salvatore Colonna to 6½ years in prison and ordered him to pay $13.1 million in restitution for his role in a $16 million precious metals and securities fraud scheme.
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Former Florida Broker Sentenced to 6½ Years in Prison for $16 Million Fraud Scheme
Posted on December 14th, 2018 at 2:33 PM
Data Demonstrates an Uptick in SEC Enforcement Actions in the Second Half of 2018
Posted on December 13th, 2018 at 11:19 AM
According to a study conducted by the New York University Pollack Center for Law & Business and Cornerstone Research, there has been an uptick in enforcement actions taken by the SEC against public companies and subsidiaries in the second half of this year.
Independent Broker-Dealers Continue to Register Large Asset Growth
Posted on December 12th, 2018 at 10:08 AM
According to a recent report issued by industry consultant Cerulli; independent broker-dealers (IBDs) have posted the highest compound annual growth rate in the last five years in comparison to any other type of broker-dealer.
Customer Files FINRA Arbitration Claim Against UBS Over Its Failure to Supervise Former Broker
Posted on December 7th, 2018 at 2:34 PM
UBS Financial Services is facing a claim from a customer that it failed to supervise one of its former brokers, Alex G. Herrera of Coral Gables, Florida.
UBS and Morgan Stanley’s Decision to Leave the Protocol for Broker Recruiting Has Paid Off for Them
Posted on December 6th, 2018 at 9:37 AM
Since UBS and Morgan Stanley’s decision to pull out of the Protocol for Broker Recruiting last year, the number of advisors departing those firms appears to have slowed. This is good news for Morgan Stanley and UBS which want to reduce recruiting costs and instead focus on the growth of their advisors’ book of business through investments in technology.
UBS Replacing Non-Solicitation Language in Advisor Bonus Agreements
Posted on December 5th, 2018 at 4:34 PM
UBS has announced that will replace the non-solicitation language that was introduced in its 2017 bonus agreements with a standard, but still onerous, 12-month non-solicitation provision.
Robert W. Baird Acquires Rival Hilliard Lyons
Posted on December 4th, 2018 at 9:26 AM
Robert W. Baird has announced that it has acquired Louisville, Kentucky-based Hilliard Lyons Brokerage along with Hilliard Lyons Trust Co.
Aequitas Capital Management Accused of Running a $617 Million Ponzi-Scheme
Posted on December 3rd, 2018 at 1:46 PM
In March 2016, the SEC filed a complaint in federal court against Oregon based registered investment adviser, Aequitas Investment Management, and its sister company Aequitas Capital Management, accusing the firms of orchestrating widespread fraud. The federal court granted the SEC’s request to install Ronald Greenspan as a receiver to oversee the company.
What Advisors, BDs Should Do About Ohio National’s End of Trailing Commissions
Posted on November 30th, 2018 at 5:09 PM
Ohio National’s decision to stop trail payments has started a wave of legal actions — and this is before the change is set to take effect on Dec. 12, 2018.
SEC Files Charges Against Individuals and Entities Involved in South Carolina Resort Fraud
Posted on November 29th, 2018 at 5:13 PM
The SEC has filed charges in Salt Lake City, Utah against businessmen J.T. Bramlette, Anthony Hartman, Travis Kozlowski and Aaron Wernli for carrying out a long-running and complex fraud on individuals who invested in the Melrose Resort on Daufuskie Island, South Carolina.
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