B. Riley Discloses Finra Exam of Wealth Management Business

B. Riley Financial Inc. is facing more scrutiny from authorities, with the company disclosing that the Financial Industry Regulatory Authority is looking into the firm’s wealth management business.

The so-called cause exam by Finra, Wall Street’s self-regulatory watchdog, was disclosed by B. Riley Wealth Management in a filing submitted earlier this month with the US Securities and Exchange Commission. Finra typically launches such probes based on customer complaints or regulatory tips.

Depending on what’s uncovered, these exams sometimes lead to sanctions or fines, but the existence of a probe doesn’t necessarily mean there’s been any wrongdoing. Finra declined to comment. ...