Margarida Correia

The former First Tennessee Bank adviser defrauded numerous customers to satisfy a gambling addiction that started when he was in college, according to court documents.

The rep was suspended for 18 months and fined $7,500 for allegedly adding his wife as a 50% primary beneficiary to a customer's variable annuity without the customer's knowledge.

So far this year, at least 9 banks switched their investment services programs to new third-party broker dealers. One outsourced its broker-dealer operations to a TPM for the first time.

More banks are implementing second-story adviser programs as they embrace advice-based client relationships in the wake of the fiduciary rule.

The firm says the new platform will make it faster and easier for advisers to find and purchase insurance coverage for their clients.

The restructuring of the business following the May 2011 acquisition of Wilmington Trust is largely over, enabling it to grow.

The new hire will oversee the private banking and investment management services Umpqua offers to the high-net-worth.

"They like what we do. They like the capabilities. They like the technology we have," he said of the clients drawn to the bank's wealth management platform.

The broker breached two promissory notes, which had outstanding balances of $544,000 and $345,000, according to a FINRA arbitration ruling.

The bank tapped the leader of Wells Fargo Securities to succeed David Carroll.