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Regulators have shut down Tampa-based GunnAllen Financial Inc. after the company failed to come up with enough capital over the weekend to continue operations.
The Financial Industry Regulatory Authority Inc., which regulates U.S. securities firms, took the action Monday morning and the company's 400 employees were told they were losing their jobs, according to an online report by Investment News.
Once one of the nation's fastest-growing brokerages, GunnAllen has faced lawsuits in recent years by investors who claimed to have lost money either because of rogue broker activities or private placements tied to a Ponzi scheme. Its future has been clouded since December, when Tampa businessman and philanthropist John Sykes abruptly resigned as GunnAllen's chairman.
GunnAllen had no immediate comment on the FINRA action, and a call to its Tampa headquarters by the Gulf Coast Business Review was not returned.
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