DoJ

The beleaguered bank is reported to have been ordered by the Justice Department in late 2017 to conduct an independent investigation of the business.

Spanning 50 federal districts, the case involves criminal and civil charges for as many as 200 defendants.

The barred advisor and his brother defrauded a widow as part of a real estate investment scheme, according to federal prosecutors.

The stolen funds went to pay for his daughter’s college expenses and to reimburse other clients, according to federal prosecutors.

Authorities say the now barred broker concealed his fraud through a variety of methods, including by creating falsified tax forms and lying to accountants.

The former broker met some of his roughly 60 victims through his associations with the NFL and the University of Virginia, where he also played football, federal prosecutors said.

A 75-year-old widowed retiree allegedly lost nearly half of her $3 million investment in the scheme.

Tom Buck was once a top-ranked Barron's advisor at the wirehouse, where he worked for more than 30 years.

Advisor Munish Sood is charged with fraud and bribery by FBI and U.S. Attorney.

The move will likely be seen as a win by the opponents of the regulation.