Kelly Milligan filed a class action complaint in federal court, arguing he lost $500,000 in deferred compensation after leaving the wirehouse several years ago. One attorney estimated more than 1,000 former Merrill...
The IBD filed a notice to appeal with the First Circut Court of Appeals after a Massachusetts federal judge ruled in favor of the Securities and Exchange Commission.
The two Lincoln firms will join the broker/dealer as stand-alone entities before being converted in the coming months, according to Osaic, which is also still rolling in the Advisor Group legacy b/ds.
According to the settlement letter, third parties used the firm’s cash management brokerage account to withdraw funds from accounts they’d illegally accessed at other financial institutions.
The Federation of Americans for Consumer Choice and several co-plaintiffs claim the Department of Labor wants to “fundamentally reshape” settled industry practices.
Eddy Ray Blizzard pleaded guilty late last year to defrauding an elderly victim of his retirement funds. An FBI Special Agent said Blizzard deserved “every year” in prison.