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Wells Fargo Advisors Wins $23M in Baird Raiding Case

18:49 18 January in In the News by rafferty

By Janet Levaux, January 17, 2017 ThinkAdvisor A Financial Industry Regulatory Authority panel says Baird must pay Wells Fargo Advisors over $23 million for alleged “raiding” of staff at a branch office in Wichita, Kansas. FINRA arbitrators said Friday that Wells Fargo is responsible for nearly $11 million in compensatory damages, some $11 million in punitive damages, and about $1.5 million in costs. It denied Baird’s counterclaim. In addition, several Baird employees are required to pay the firm the following damages plus interest: Donald Barry, about $543,000; Jill Docking, close to $181,00; Brian Docking, roughly $161,000; and Kevin McWhorter, about $115,000. “We strongly disagree with what is asserted in this situation and with the findings, and are extremely disappointed in the size of the award,” said Baird spokesperson John Rumpf in a statement. Wells Fargo...

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Former Investors Cap CEO Resurfaces After a Costly Lesson

16:25 09 January in In the News by rafferty

January 6, 2017 By Janet Levaux, ThinkAdvisor The prior head of Investors Capital is relaunching his career after apparently losing money in the deal with RCS Capital Investors Capital CEO Tim Murphy is now working for a hybrid RIA affiliated with his former rival LPL Financial. Murphy, who was with Investors Cap since 1994, led the independent broker-dealer through its $52.5 million merger with troubled RCS Capital (RCAP), which later emerged from bankruptcy as Cetera Financial Group. Cetera later chose to close Investors Cap and move some its registered reps to Cetera Advisors. According to several industry sources, Murphy and other Investors Capital stakeholders accepted a large amount of stock in RCAP — 84% of the purchase price — as part of the deal, which hurt them financially. Summit Brokerage Services, led by Marshall Leeds, struck a deal...

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Congress Got Schooled Once by a BD Owner; It Should Again

22:58 02 January in Articles Written by Jon Henschen by rafferty

December 20, 2016 By Jon Henschen as published on ThinkAdvisor I must start this article by confessing that I’m not only a YouTube fan, but also the nerdy type that watches speech footage from the likes of economists Milton Friedman as well as various financial services thought leaders. Recently, I watched a broker-dealer owner give testimony to Congress. Listening to his testimony compelled me to feature his opening comments as the centerpiece of this article for two reasons. First, the content of his testimony was an onion of truth bombs. Second, his testimony reflected many of the thoughts and concerns that broker-dealer owners discuss in private but are afraid to say in public for fear of regulatory backlash. The speaker, Peter Schiff, is the owner of the BD Euro Pacific, Inc., which is a full service...