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Top Stories of the Week: Brokers Tripped up by UITs Find New Homes


November 17, 2018

1. Prominent RayJay Producer Fired Over UIT Sales Joins Stifel

Lynn Faust, a South Carolina broker who lost her job after 30 years over concerns about UIT sales practices, moved to Stifel with her son on Friday.

2. More UIT-Stained Raymond James Brokers Land at New Firms

Saginaw advisor managing $139 million in client assets goes independent with Ameriprise while another Michigander with $54 million of AUM joins Stifel.

3. Edward Jones Sues Broker and Son-in-Law Who Jumped to Ameriprise
Veteran Staten Island, NY, broker moved more than $19 million and four associates to her new firm within a week of leaving earlier this month, according to lawsuit filed on Monday.

4. Bob Oros to Become HighTower’s New CEO—Sources
The former head of Fidelity’s clearing and custody business will direct HighTower’s new strategy of acquiring large RIAs under its new private equity owners.

5. Ex-Merrill Broker Who Borrowed from Client to Go Indie Gets Finra Suspension
Virginia advisor timely repaid a $250,000 loan he used to remodel his “breakaway” office while at the wirehouse, but lost his job and has been sanctioned for failing to receive Merrill approval.



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