DeWaay Financial closing its doors
November 13, 2012 By Bruce Kelly, Investment News Broker-dealer known for troubled private placements files to deregister with SEC, Finra DeWaay Financial Network LLC is the latest broker-dealer to shut down because of the costly fallout of investor lawsuits stemming from high-risk private placements. The firm, which was known for its access to private deals, filed a form known as a “broker-dealer withdrawal” on Friday with the Financial Industry Regulatory Authority Inc., according to DeWaay’s profile on Finra's BrokerCheck. After filing a BDW, broker-dealers typically have two to three months to wind down their businesses. DeWaay Financial, based in Clive, Iowa, and owned by the formidable Iowa broker Donald DeWaay, is in a drawn-out battle with wealthy clients over failed real estate deals. DeWaay Financial built a large part of its reputation on selling alternative investments....