Considering that Securities America’s 1,700 advisors are coming into a phase where performance matters to the broker-dealer’s parent company -- almost like never before -- at least they will be working with some familiar faces.
After Ameriprise Financial finalizes a deal to sell Securities America to Ladenburg Thalmann for $150 million, it will essentially be made whole for the money it shelled out back in April to settle investor civil lawsuits surrounding faulty and, in some cases, fraudulent private placement investments. Back then, the firm agreed to a $150 million backstop for its troubled broker-dealer.
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