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The two Lincoln firms will join the broker/dealer as stand-alone entities before being converted in the coming months, according to Osaic, which is also still rolling in the Advisor Group legacy b/ds.
According to the settlement letter, third parties used the firm’s cash management brokerage account to withdraw funds from accounts they’d illegally accessed at other financial institutions.
The Federation of Americans for Consumer Choice and several co-plaintiffs claim the Department of Labor wants to “fundamentally reshape” settled industry practices.