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1. Mariner Wealth Comes Under Fire In Courts
Over a matter of weeks, Mariner was hit with multiple lawsuits from rival advisory firms, including Edelman Financial Engines, Avantax and RWA Wealth Partners, claiming the firm's hyper-aggressive growth tactics step over the line. It may just be the new cost of doing business in a rapidly maturing RIA industry, some legal observers say.
2. Mariner Wealth Avoids DOJ Charges by Admitting to Non-Poaching Scheme
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The RIA entered a non-prosecution agreement with the Justice Department’s Antitrust Division last year over charges it conspired with American Century Investments not to hire each other's employees.
3. Lawsuit: Ex-CMO Charges Carson Group With Turning Blind Eye to Sexual Assault
Photo courtesy of Carson Group
Mary Kate Gulick claimed to be psychologically 'broken like a twig' from Carson’s lack of response to allegations an employee sexually assaulted a conference attendee, according to a lawsuit filed in Nebraska federal court.
4. Fired LPL CEO Dan Arnold Settles for $12M In Stock Options
LPL Financial
According to records filed with the SEC, Arnold will retain 47,994 non-forfeited options with a price per share of $327.56. This totals about 15% of what he could have received if he had been terminated without cause.
5. LPL Has 'No Plans' to Change Cash Sweep Pricing
Despite lawsuits against it and other firms, LPL officials said they “can only speculate” on why other industry peers announced changes to their sweep pricing.
6. Advisor Claims LPL Ran a 'Classic Corporate Raid' On His Firm
LPL is accused in a lawsuit of convincing three of the advisors at Lamkin Wealth Management and their clients to leave the firm, allegedly resulting in a $450 million AUM drop overnight.
7. TD Bank Sues Raymond James, Ex-Employees for Stealing Clients With $22M in Assets
TD Bank is seeking a restraining order against the two former employees and filed a lawsuit against them and Raymond James.
