Frost Out as Ladenburg Chairman
September 21, 2018 By Janet Levaux, ThinkAdvisor He steps down in the wake of fraud charges at another firm he leads. Ladenburg Thalmann, which owns the Securities America and four other independent broker-dealers, says Dr. Phillip Frost has resigned as chairman. His replacement is President and CEO Richard Lampen. Earlier this month, regulators filed fraud charges against Frost, a billionaire investor who is chairman and CEO of Opko Health, and others. According to the SEC complaint: “In every scheme, [investor Barry] Honig, and some combination of [four other investors] and Frost, either explicitly or tacitly agreed to buy, hold or sell their shares in coordination with one another, knowing that a pump and dump was in the offing that would allow them all to profit handsomely.” But at least one IBD recruiter sees the fallout...