Penalties and fines

The firm cannot increase assets until it comes up with a plan to fix its internal controls.

Allegations of undisclosed private securities transactions by a former advisor followed two significant mutual fund cases involving the IBD network’s practices.

The brokerage ranks shrank by 258 from the year-ago period.

The firm warned Friday that it may take a charge of as much as $1 billion to settle a U.S. probe of its consumer business.

David Olson, an advisor of nearly 30 years, worked at Morgan Stanley until his termination in 2016.

The broker misappropriated his clients’ investment money for rent, credit card bills and other personal uses, investigators say.

The two IBDs have agreed to pay restitution in one of the largest securities fraud cases in the advisor’s home state.

Caleb Fackrell repeatedly called his behavior “insane” in his testimony, according to transcripts obtained by Financial Planning.

Advisors should expect more regulatory requirements, enforcement actions and uncertainty in 2018, experts say.

He intercepted checks from her home when she wasn’t there and forged her signature to steal her money, investigators say.