Law and legal issues

The case centered on the supervision of a now-barred broker, whose misconduct included encouraging athletes to invest in a Miami Beach nightclub and sending baskets of tequila to pro sports teams, according to FINRA.

Judge’s decision paves way for the Cetera subsidiary’s IBDs to move past RCS troubles; retirement benefits are unaffected, judge says.

Rejection is unsurprising and RCS plans to contest objections by Nicholas Schorsch-affiliated entities, says David Orlofsky, RCS' chief restructuring officer.

The proposal, which would allow more consumers to join class-action lawsuits over disputes, could drive up compliance costs. Agency director Richard Cordray wants more accountability.

Mark Immel had been awarded $450,000 in arbitration but faced further legal battles.

FINRA scolded the firms for alleged operational systems, supervisory and recordkeeping deficiencies.

Filing expected Sunday; advisors expected to receive distributions through retention packages.

Fired adviser Johnny Burris complained the firm forced him to sell unsuitable products to clients, long before it acknowledged to the SEC it “violated the federal securities laws.”