FINRA shuts down GunnAllen
After the firm did not have the minimum net capital on reserve to stay open for business--largely because the firm has been inundatd with legal fees. The firm was a sinking ship it seems. Any comments or thoughts? Thanks
That firm has been plagued with bad luck for at least the last two years. When the CEO of a firm dies in a boating accident...
I don't pay too much attention to things that really don't impact my business, but from what little I know, it sounds like poetic justice.
Not good when $50-60m in legal fees and settlements can make you chain up the doors. Saw that the founders jumped ship though, allegedly to recruit their old crew...
I understand all the shots being taken at GunnAllen. They have consistantly hired less than reputable brokers and obviously they are now paying for it... But I just want some of you to realize alot of people on the operations side of things are now out of a job. There were damn good people working there (minus scumbag brokers) that deserve better. Here is the story, Jay and Rick never wanted the Progressive Asset Management deal to go through. They made a back door deal with JT Marlin.. errrr...JP Turner to collect bonus money for every rep that joins them at JP Turner. Also the brokers that dont go, their assets and book will go to JP Turner even if they dont go.. Nice right!!!?? Call me when you are burning in hell Rick, you deserve it slimeball.
they just denied me coming over as they have to maintain a certain ratio of brokers with dings since they took Gunn Brokers. I have a ding, and they couldn't take me. Hilarious when I am a $600k producer and my ding is negligible compared to most people they have. Their office was nice, but EMPTY.... They are garbage. Had already gotten greenlighted elsewhere, so I laughed when they called me today to TD me since I was already heading elsewhere.