According to the Business Record, DeWaay Financial Network LLC of Clive and three other Iowa investment brokers are among 49 firms that have been sued in connection with the bankruptcy of a company accused of running a $485 million Ponzi scheme involving allegedly bogus oil and gas investments. Provident Royalties LLC, based in Dallas, filed [...]
According to the Investment News, the following are the top broker-dealers (ranked by reps producing over $100,000): Click column headers to sort fields Rank Broker-dealer No. of reps 1 LPL Financial* 5432 • Associated Securities Corp. 121 • Mutual Service Corp. 547 • Waterstone Financial Group 275 2 AIG Advisor Group 2782 • AIG Financial [...]
In 2009, FINRA announced that it had fined NEXT Financial Group, Inc., headquartered in Houston, Texas, $1 million for supervisory violations that primarily involved the failure to supervise its approximately 130 Office of Supervisory Jurisdiction (OSJ) branch managers, who typically supervise transactions and sales activity for individual brokers or branches within a particular region. OSJ [...]
On September 15, 2009, FINRA announced that a Financial Industry Regulatory Authority (FINRA) Hearing Panel has barred John Edward Mullins a former registered representative with Morgan Stanley DW, Inc. (now known as Morgan Stanley Smith Barney, LLC) for misappropriating $11,156.47 from the charitable foundation of a 97-year old nursing home resident and widow who was [...]