The two Lincoln firms will join the broker/dealer as stand-alone entities before being converted in the coming months, according to Osaic, which is also still rolling in the Advisor Group legacy b/ds.
According to the settlement letter, third parties used the firm’s cash management brokerage account to withdraw funds from accounts they’d illegally accessed at other financial institutions.
The Federation of Americans for Consumer Choice and several co-plaintiffs claim the Department of Labor wants to “fundamentally reshape” settled industry practices.
Eddy Ray Blizzard pleaded guilty late last year to defrauding an elderly victim of his retirement funds. An FBI Special Agent said Blizzard deserved “every year” in prison.
The Federal Trade Commission's move to outlaw these clauses in contracts could affect millions of Americans. But litigation against the ban is already in motion.
Dusty Sternadel pleaded guilty to wire fraud in January in connection with a scheme that stole from at least 10 clients, most of whom were elderly, according to the DOJ.
The brokerage regulator argued the firm’s automated process for approving options traders on its self-directed platform missed instances where clients submitted applications with conflicting information.