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Purshe Kaplan racks up $1.6 million settlement
Since 2017, the firm has been on the hook for $16 million in legal settlements and restitution to clients, with the lion s share stemming from one broker s sale of alternative investments to a Native American tribe in Michigan.
April 5, 2021 2 MINS
For the third year in a row, Purshe Kaplan Sterling Investments Inc., a boutique broker-dealer that works with brokers leaving Wall Street to set up their own registered investment advisers, is paying a steep award to clients who sued the firm.
Purshe Kaplan struck a $1.6 million settlement with 50 clients on March 1 who had sued the firm in arbitration run by the Financial Industry Regulatory Authority Inc., according to the company’s annual audited financial statement, known as a Focus report, which it filed last Thursday with the Securities and Exchange Commission.