News for Brian Mahany


The “Selling Away” Crackdown May Breed More Breakaways

The “Selling Away” Crackdown May Breed More Breakaways

- Financial Times
InvestmentNews’ revelation that independent broker-dealer LPL Financial terminated James Bashaw for “selling away” marks the second high-profile brokerage firing for similar infractions in a few weeks. But the latest case doesn’t shed light on why this infraction, by some accounts tolerated in the past, is now a firing offense — especially when other business models don’t even consider it an infraction.
According to Bashaw’s Finra CRD...

Vanguard to fight ‘tax dodge’ lawsuit vigorously

Vanguard to fight ‘tax dodge’ lawsuit vigorously

- Financial Times
For years the world’s biggest asset managers have tried everything to slow Vanguard’s meteoric rise. Now a startling lawsuit, dismissed by some legal experts but credited by others, is accusing the low-cost investment company of building its empire on nothing less than systematic tax evasion.
The suit, filed in New York by David Danon, a tax lawyer whom Vanguard fired last year, targets Vanguard’s singular, all-important mutual ownership structure. In this model, the...

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