Tuesday, June 22, 2010
FINRA said that retail securities firm Jesup & Lamont Securities Corp. is out of compliance with net capital rules and ordered it to cease business. J&L disputes the finding. InvNews, 300 reps in limbo as Jesup & Lamont Securities slips below net-cap requirements.
Investment News also has a timeline of broker-dealer firms that have shut down recently and reports that in 2005 there were 5111 broker-dealers registered with FINRA, compared with 4693 today, an 8.2% decline.