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The Massachusetts-based advisor recommended his clients invest with Aequitas, but failed to disclose a loan he took out from the Lake Oswego, Ore.–based alternative investments firm that made a bad bet on student loans, according to an SEC claim.
The acquisition of John D. Dovich & Associates, a Cincinnati-based RIA with nearly $600 million in client assets, brings MAI Capital Management closer to becoming a national firm.
Despite thousands of jobs potentially on the chopping block at the bank, the firm is focused on "stable sources" of revenue, and likely to hire in the wealth management portion of the business.