All are joining from Citi, while two worked for J.P. Morgan previously. J.P. Morgan Private Bank CEO David Frame called the greater Chicago area 'a critical part' of the bank’s expansion.
Beachwood, Ohio–based RIAs MGO Investment Advisors and One Seven have merged, with Merchant Investment Management taking a minority stake in the new entity.
The New York State Department of Financial Services alleges Robinhood lacked sufficient staff and resources to ensure compliance with the Bank Secrecy Act and anti-money-laundering rules.
The SEC's settlement with Aegis Capital Corporation included a $2.3 million civil penalty; Commissioner Hester Peirce said the deal may lead to firms not giving clients the investment option at all even when it would be useful for them.
Advisors with histories of serious misconduct who exit the brokerage industry often continue to provide advice under state insurance regulations and are likely to reoffend in the future, according to a recent Stanford Law study.