The deal between Investment Counsel and LaFleur & Godfrey will mark the latter's second transaction in the past 12 months, and comes after Focus partner firms had a busy 2020 in M&A activity.
The SEC claimed Douglas Elstun put clients' long-term money in high-risk leveraged and inverse ETFs, funds meant for short-term trading. He was trying to 'please too many people,' his lawyer said.
Cambridge Investment Research, Securities America and J.W. Cole Financial failed to see the risk as reps sold options-laden 'short-vol' LJM Preservation and Growth Fund to investors, according to the regulator.
Eddie Welch, who will take over the company's WM business, was the co-founder and CEO of Alabama-based RIA Welch Hornsby, which was added to Captrust last October.
The Morgan Stanley–recommended law firm that represented the transitioning advisors told them their nonsolicit agreements with Schwab were unenforceable, according to their lawsuit against the lawyers.
The SEC claims Ronald Frank Stevenson and Jason P. Wootten unlawfully sold securities in EquiAlt, which has been accused of operating a $170 million Ponzi scheme.
Additionally, Virginia closed its public comment period for its own regulation based on the National Association for Insurance Commissioners' model rule from last year.
