News Roundup

News Roundup (564)

SEC, FBI Warn of Fraudsters Posing as Brokers, Investment Advisers

The FBI Criminal Investigative Division and the United States Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) warn of fraudsters swindling investors while pretending to be registered brokers or investment advisers.


Skybridge’s Scaramucci: Get Vax Or Get Out

“If you don’t want to get vaccinated, leave” Anthony Scaramucci told his staff. The Skybridge founder and co-managing partner recently issued the ultimatum to his staff over the COVID-19 vaccine. So reports CNBC.


Wirehouses Struggle to Keep Advisors Satisfied: J.D. Power

Despite the massive, industry-wide disruption caused by the COVID-19 pandemic, booming financial markets and significant gains in production have boosted overall financial advisor satisfaction in the J.D. Power 2021 U.S. Financial Advisor Satisfaction Study.


Merrill Facing More Discrimination Allegations by Black Ex-Reps

Two ex-Merrill brokers claim in a lawsuit that Black FAs at the firm were given less compensation and received fewer promotions to senior positions than their white counterparts. The lawsuit also claims Black FAs were fired more often as well. So reports Think Advisor.


Wife Turns in LPL Advisor After Deadly Crash

Timothy Hamano, 64, has been charged with vehicular manslaughter after his wife turned him in to the authorities. So reports Financial Advisor Magazine.


Ed Jones Settles with Advisor Who Quit, Locked Staff Out of Office

Edward Jones has reached a confidential settlement with Russell Ryon Riggan, one of its FAs who resigned abruptly after 15 years with the firm only to set up shop next door as a broker for Raymond James. The deal was reached on June 3. So reports Financial Advisor IQ.


Client Associate Suing Amerprise Over FA Harassment, Demotion

Stephanie Henninger, a former registered client associate for Ameriprise, says she was sexually harassed by two of the firm’s FAs. So reports Financial Planning.


FA Charged with Defrauding Elderly Clients, Stealing Retirement Assets

A financial advisor from Middleboro, Massachusetts was arrested and charged for defrauding elderly clients and stealing retirement assets.


Merrill, CFFP Launch Advisor Designation for HNW Sports, Entertainment

Many athletes and celebrities have often fallen victim to corrupt advisors in recent years. Now, Merrill Lynch Wealth Management and the College for Financial Planning have launched the Sports & Entertainment Accredited Wealth Management Advisor program. So reports Think Advisor.


Merrill, Wells Welcoming More Employees Back to the Office

Advisors are beginning to return to the offices in greater numbers.

Merrill Lynch Wealth Management, for its part, is reopening offices to at least 10% of employees. It expects far more than that 10% will be going into their offices in the coming weeks. So reports Advisor Hub.


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