Category Archives: Investing

$7.7 Billion Broker-Dealer To Wind Down, Affiliate With Cetera Hybrid

A $7.7 billion San Diego firm is leaving the broker-dealer business.

Los Angeles-based Cetera Financial Group has announced that one of its broker-dealer affiliates, Girard Securities, will become an independent advisor group named Girard Region.

Susie Woltman Tietjen, Girard Securities CEO, will become regional director of the Girard team going forward.

“We’re excited about the opportunity to leapfrog as a company in a way that we probably couldn’t have done if we weren’t a private business,” says Tietjen. “This industry is going through a strategic inflection point, we think Cetera has grabbed ahold of that, and this is an opportunity for us to be a leader.”

With the transition, Girard and its 200 advisors become a new “region,” a team roughly equivalent to an office of supervisory jurisdiction, within Cetera Financial Group’s hybrid subsidiary, Cetera Advisor Networks.

Since Girard is transitioning between Cetera’s networks, the move should occur “seamlessly” and that the Girard Securities broker-dealer will start to wind-down operations in early November, subject to Finra approval.

from FA News–affiliate-with-cetera-hybrid-34197.html

California Bars ‘Five Star’ Advisor, Pulls License From RIA

California has revoked the license of a “Five Star” manager of dozens of private investment funds after uncovering “numerous” alleged crimes.

William Michael Jordan, principal and owner of Laguna Hills, Calif.-based William Jordan Investments, was barred from the securities industry on Wednesday via a consent order issued by the California Department of Business Oversight. The same action revoked William Jordan Investments’ license.

State regulators allege that Jordan failed to disclose losses to investors, charged fees based on inflated account values and sold unregistered securities through the affiliates.

William Jordan Investments reportedly managed more than $100 million in assets for more than 100 investors within more than 20 affiliated private funds, according to state filings.

from FA News–five-star–advisor–pulls-license-from-ria-alleging-fraud-34200.html

Chain-Store Stocks Hammered On Day Of Year’s Best Retail Sales

Retail sales may be rising faster than any time this year in government data, but don’t tell that to investors in chain-store stocks being eaten alive by Inc.

The bad news won’t stop for brick-and-mortar store operators. Following a week of disappointing earnings from J.C. Penney Co. and Macy’s Inc., the drumbeat resumed Tuesday as results from Advance Auto Parts Inc., Coach Inc. and Dick’s Sporting Goods Inc. sent their shares down at least 14 percent.

from FA News