Independent BDs

The firm’s National Financial Services allegedly failed to deliver certain basic information to clients in five public offerings of shares in a fuel cell technology company.

The advisor sold securities out of one account to buy a Camaro ZL1 — then resold the car to the same victim, the regulator alleges.

Lower transaction costs can often come with higher expense ratios at the nation’s largest IBD.

The new recruits include a 34-year industry veteran.

Focusing on “investment in leadership and access to markets,” the IBD aims to support reps and clients of diverse backgrounds, its head recruiter says.

The father-son practice with two other advisors switched their affiliations after its founder had spent 18 years with New York Life.

The latest roundup of news in the IBD and RIA channels comes in a time of economic turmoil and big transactions.

During Andy Kalbaugh’s tenure with the No. 1 IBD, its headcount grew by more than 50% to nearly 17,000 reps.

The firm will also pay a penalty and offer to buy back variable annuities the former broker sold to 21 other investors.

With higher compensation offers and a track record of independence, the No. 1 IBD is “challenging the status quo,” its head recruiter says.