Broker Dealer GunnAllen Not Doing Business By FINRA Directive

Broker-dealer GunnAllen has been informed by FINRA that it cannot transact business for its clients. As a consequence, hundreds of its registered employees will likely be looking for new employment and a new broker-dealer to house their client accounts. FINRA has indicated GunnAllen cannot transact business because of a net capital violation. This event marks yet another employer having business and/or financial difficulties leading to unemployed registered financial advisors. Reductions in force, mass layoffs, and business liquidations have led to a historic unemployment rate, a significant portion of which has hit the financial services industry. It is hopeful that many of these registered representatives will be able to quickly find work so as not to create financial harship for them or uncertainty for their clients.