Another small, independent broker-dealer that faces mounting legal claims is exiting the business, this time after selling real estate deals by a bankrupt syndicator.
Omni Brokerage Inc. of South Jordan, Utah, said at the end of April that it would withdraw its registration with the Financial Industry Regulatory Authority Inc., according to its profile on BrokerCheck.
Omni reported a loss of $356,000 last year on revenue of $3 million.
In its annual Focus report filed in March with the Securities and Exchange Commission, the firm said that it had been named in several arbitration claims before Finra. The firm said that investors were seeking $2.8 million in compensatory damages.
Omni, which specialized in real estate investments, had net capital of $142,000, according to the SEC filing.
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