A move by the Financial Industry Regulatory Authority to close broker-dealer GunnAllen Financial is resulting in more than 400 financial advisors searching for a new employer.

Paulson Investment Co., a wholly owned subsidiary of Portland, Ore.-based Paulson Capital Corp., recently announced that it has added Acumen Investment Services as its newest national affiliate.

Already sentenced to an eight-year federal prison term, a former Salem County, N.J., investment broker received additional time in state prison.

A former Ameriprise and GunnAllen broker-dealer will spend eight years and one month in federal prison for operating a $1.8 million investment fraud scheme.

A former broker-dealer with Ameriprise and GunnAllen Financial could spend up to 30 years in federal prison after pleading guilty to overseeing a $1.9 million investment fraud scheme.

Jeffrey J. Southard, …  Read →