The announcement that state regulators have announced coordinated reviews for the 3,200 advisory firms they are taking over from the SEC points out an overlooked irony in the "switch" process.
So many broker-dealers that sold private placements have gone out of business instead of settling their obligations that it's hard to remember exactly what they did wrong in the first place.
State regulators have fined LPL $100,000 for failing to supervise one of its branch managers several years ago -- even though compliance has improved significantly in the meantime.
The long saga of YieldPlus, the Schwab fund touted as low-risk that failed anyway, has dug into the pocket of the man ultimately responsible for the product.
The SEC has gone to First Tennessee National's brokerage unit in order to collect about $1.5 million clients of failed RIA Sentinel Management are owed.
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