GunnAllen was shuttered Monday by FINRA for net capital violations but client money will be safeguarded, a source close to the situation said.
The industry regulator had warned Tampa, Fla.-based GunnAllen last week that it needed a capital infusion over the weekend in order to stay in business. When no capital infusion was forthcoming, the regulator closed the broker-dealer.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access