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Wall Street Journal
“When can we expect payment?” asks the soulless lawyer in a cadaverous monotone. He’s from the broker-dealer you used to work for, and he’s talking about the unpaid balance on your Employee Forgivable Loan. You go ballistic. Those clowns broke their promises. They almost destroyed your business, which is taking forever to rebuild. Now what? […]
Wall Street Journal
Wall Street’s own national watchdog doesn’t make public all the regulatory red flags it has about brokers, prompting calls from state regulators for more expansive disclosure. Investors checking disciplinary records from the Financial Industry Regulatory Authority, or Finra, can see that in Bennett Broad ’s 35-year career as a stockbroker, he has faced 25 customer […]
Los Angeles Business Journal
Wedbush Securities Inc., capitalized in 1955 with $10,000 from its co-founders, has grown over the last 60 years to have more than $4 billion under management. Its 82-year-old namesake founder still shows up at the office before dawn, putting in a full day on the trading floor. But the firm’s rise and the dogged work […]
InvestmentNews
Original Story An elite private banking duo formerly with Bank of America Merrill Lynch is considering legal action against the firm after being terminated last month, according to an attorney for the team. “We believe that Merrill Lynch acted inappropriately and we look forward to testing the actions of Merrill lynch,” said Thomas Lewis of Stevens […]
InvestmentNews
Three brokerage executives who formerly worked at a now-defunct midsize independent broker-dealer were ordered by a three-person arbitration panel to pay $1.05 million, plus interest, to a family that had invested in high risk private placements that turned out to be Ponzi schemes. The complaint has been an albatross around the necks of the three […]