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Late last week, Rodman & Renshaw’s parent company Direct Markets Holding Corp announced that it’s no longer in compliance with the SEC’s net-capital rules and plans to terminate its broker-dealer. [via Investment News Bruce Kelly]From the 8-K filing with the SEC: (emphasis ours)
On September 14, 2012, the Registrant’s broker-dealer subsidiary, Rodman & Renshaw, LLC, filed a Form BDW – Uniform Request for Withdrawal of Broker Dealer – with the Financial Industry Regulatory Authority (“FINRA”). Upon acceptance by FINRA, Rodman & Renshaw, LLC’s broker dealer licence will terminate. This filing followed Rodman & Renshaw, LLC informing FINRA on September 12, 2012 that it was no longer in compliance with the SEC’s Net Capital Rule 15c3-1, and, accordingly, that such subsidiary would cease conducting its securities business, other than liquidating transactions, unless and until it can achieve compliance with the rule.
The Registrant continues to explore options for the commercialization or monetization of its Direct Markets electronic platform and the sale of assets related to its broker-dealer business.
Just last Monday, Clusterstock checked out a conference gala dinner hosted by Rodman & Renshaw, which has had a truly rough year.
We noticed the gala was no where near the scale of the parties in threw for the same conference in the last two years–a charity gala at the Metropolitan Museum of Art with a Mary J. Blidge performance and a private Janet Jackson concert at Radio City Music Hall the year before that.
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