Investment Brokers – Indianapolis Business Journal

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Indianapolis-based Sanctuary Wealth ousts CEO, but won’t say why

March 7, 2023

Ousted CEO Jim Dickson founded Sanctuary in 2018 after the firm acquired Indianapolis-based David A. Noyes & Co., which in 2020 changed its name to Sanctuary Securities Inc.

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J.P. Morgan sues ex-broker after client exodus to his new firm

October 25, 2019

Susan Orr

The brokerage alleges that Erik Weiss, since leaving for a job with Raymond James & Associates last month, has been improperly soliciting clients to follow him.

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Indy investment firm sues ex-employees, alleges they solicited clients, stole trade secrets

February 25, 2026 | Cameron Shaw, The Indiana Lawyer

The company accuses the employees of converting confidential business records, such as client information, for personal use and transmitting client information to their new employer.

Morgan Stanley Smith Barney to pay $15M penalty to settle SEC charges

December 10, 2024 | Associated Press

The penalty was part of a settlement with the Securities and Exchange Commission related to four financial advisers who stole millions of dollars of advisory clients’ and brokerage customers’ funds.

Indianapolis financial advisory team leaves Stifel for Sanctuary Wealth

March 14, 2024 |

Susan Orr

In an unusual about-face, two veteran Stifel advisers who were expected to be part of the newly formed M&K Legacy Wealth team at Sanctuary called off the move just days after the founding was announced.

Charles Schwab plans job cuts, office downsizing amid effort to cut costs

August 22, 2023 | Associated Press

The financial services powerhouse, which has major operations in Indianapolis, did not specify how many positions would be eliminated—but suggested that the layoffs will take place in the coming months.

Local brokerage fined, ordered to pay more than $530,000 in fines and restitution

September 24, 2021 |

Susan Orr

The alleged violations occurred when the firm operated as David A. Noyes and Co. It was acquired by Sanctuary Wealth in 2018.

Arbitrators deny J.P. Morgan’s request for damages against three former advisers

October 29, 2020 |

Susan Orr

J.P. Morgan had claimed that the three former employees improperly solicited clients to follow them to their new firm.

Schwab boosts new trading accounts 31% after fees go to zero

November 14, 2019 | Bloomberg News

Charles Schwab Corp.’s free trading offer is turning out to be a hit, drawing in new customers at a fast clip.

Financial firm faces complaints from customers who say they were led into unsuitable investments

October 11, 2019 |

Susan Orr

David A. Noyes & Co. has helped raise money for companies—including Indianapolis-based Digonex Technologies Inc. and Fishers-based SteadyServ Technologies LLC—by persuading its clients to invest. But such investments, known as private placements, are risky by nature—and Noyes’ clients have not always been happy with the results.

Charles Schwab escalates online brokerage-fee war

October 10, 2019 | Associated Press

Charles Schwab is betting the decision to lower or eliminate trading fees will help it attract customers, who’ve grown more vocal about the cost of investing.

Former Indianapolis broker barred from working in industry

August 22, 2019 |

Susan Orr

The former Charles Schwab broker allegedly used a client’s tax refund for personal use, which led to his termination.

Morgan Stanley’s Kathy Birk is a by-the-book ‘maverick’

February 21, 2019

When Kathy Birk retires next month as manager of Morgan Stanley’s local operations, she’ll achieve a rare milestone in a stressful industry where most people wash out or get fired first.

Former powerhouse investment broker Buck sentenced to more than 3 years in prison

February 13, 2019

The case against the former star Merrill Lynch broker centered on his practice of keeping clients in commission-based accounts even as the securities industry moved toward fee-based accounts, which in many cases were cheaper for clients.

J.P. Morgan takes three former advisers who joined competitor to court

December 26, 2018

J.P. Morgan has won a preliminary injunction against three former employees in its Carmel office, who are accused of taking at least 20 clients with millions of dollars in assets to a competing firm.

State fines investment firm $450K for ‘deficiencies’ in Indiana

December 3, 2018

Investment firm LPL Financial has agreed to pay a civil penalty for "various deficiencies" related to supervision of its Indiana operations, the Secretary of State’s office said Monday.

Former stockbroker Buck to be sentenced in April

March 7, 2018

Thomas. J. Buck, a former top investment broker who was fired by the local office of Merrill Lynch in 2015 after nearly 34 years with the firm, is scheduled to be sentenced next month after pleading guilty in January to one count of securities fraud.

Greenwood broker banned for life from trading securities

January 23, 2018

Regulators say the broker violated industry rules by refusing to cooperate in the investigation of a customer complaint against him.

Convicted fraudster accuses attorney of secret relationship with his then wife

December 21, 2017

In an attempt to reopen his case, Keenan Hauke says Barnes and Thornburg partner Larry Mackey—who is now married to Hauke’s ex-wife—did not adequately represent him.

Former heavy-hitter stockbroker Buck charged with fraud

October 31, 2017

Thomas. J. Buck, a former top investment broker who was fired by the local office of Merrill Lynch in 2015 after nearly 34 years with the firm, is now facing serious prison time, according to federal officials.

Bloomington financial adviser sentenced to 33 months in prison

July 24, 2017

Authorities say the man defrauded a longtime client out of nearly $1.2 million and spent that money on vacations, golf club memberships, meals and retail purchases.

Brokerage resolves complaint with Skinner family for $3.5M

June 8, 2017

A prominent Indianapolis family that filed a complaint against an RBC Wealth Management broker seeking nearly $20 million in damages recently accepted $3.5 million to resolve the dispute.

MAY 22-28, 2026

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