Securities Lawyers Blog
The law offices of Gana Weinstein LLP represent investors in disputes with their financial advisors or brokerage firms, such as B. Riley Wealth Management. Many investors do not recognize financial advisor misconduct when it happens, but there are steps that can be taken to recover investment losses. There are many different types of broker misconduct, including breach of fiduciary duty, failure to supervise, misrepresentation, and churning. The attorneys at Gana Weinstein LLP can analyze your investments to determine if there was actionable misconduct by the broker or brokerage firm.
B. Riley Wealth Management is a full-service broker-dealer offering brokerage, wealth management, investment banking support, municipal and government securities dealing, mutual funds, options, annuities and insurance products to individual and institutional clients. Headquartered in Memphis, Tennessee, the firm grew out of B. Riley Financial’s acquisitions of Wunderlich Securities in 2017 and National Holdings in 2021, and it sold part of its wealth management business to Stifel in 2025 and kept its independent advisor channel.
B. Riley Wealth Management – By the Numbers:
- CRD #: 2543
- Regulatory Events: 18
- Arbitration Events: 4
- Broker Employees: 257
B. Riley Wealth Management – In the News:
FINRA v. B. Riley Wealth Management (Case #2019062526201) – From January 1, 2013 through June 30, 2018, BRWM failed to establish and maintain a supervisory system reasonably designed to supervise representatives’ recommendations to customers to purchase particular share classes of 529 savings plans in violation of MSRB Rule G-27. Specifically, BRWM’s supervisory system was not reasonably designed in that the firm did not: (1) provide adequate guidance to registered representatives regarding the importance of considering share-class differences when recommending 529 plans; (2) provide supervisors with adequate guidance or information to properly evaluate the suitability of 529 share-class recommendations; (3) establish controls designed to ensure consistent supervisory review at account opening; and (4) supervise 529 share-class recommendations executed through transactions made directly with plan fund companies. BRWM voluntarily self-reported potential issues with its supervisory system to FINRA as part of FINRA’s 529 Plan Share Class Initiative announced in Regulatory Notice 19-04 and proposed a plan to remediate affected customers. Accordingly, this AWC includes an order for restitution and interest in the total amount of $252,740 and a censure, but no fine.
FINRA v. B. Riley Wealth Management (Case #2016047819701) – During the time period, December 1, 2014, through December 31, 2015, WSI failed to timely report approximately 450 transactions involving TRACE-eligible securities, in violation of FINRA Rules 6730(a) and 2010. In addition, during the stated time period, WSI failed to maintain adequate written supervisory procedures addressing TRACE-reporting requirements applicable to transactions involving “to be announced” mortgage-backed securities, in violation of FINRA Rules 3110(b) and 2010.
Our investment fraud lawyers have recovered losses for hundreds of investors through FINRA arbitration awards and settlements. If you have concerns about a broker at B. Riley Wealth Management, contact Gana Weinstein LLP for a free consultation.