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Grand Rapids stockbroker Kirk Knapp said the impending sale of his firm's brokerage accounts could help ease his recent regulatory problems with the National Association of Securities Dealers.
Brokers Securities Inc., a discount brokerage in Norfolk, Va., is expected to purchase K.A. Knapp & Co. Inc.'s accounts within the next couple weeks. K.A. Knapp & Co. has offices in Grand Rapids at 171 Monroe Ave. NW and in Denver.
"The deal could affect (the NASD appeal) in the sense that all of the concerns that they have had have been in the retail end of the business," Knapp said. "Since we're not going to be engaged in that anymore, they shouldn't have any problems with us.
"But we're not doing it as part of a settlement with the NASD or anything," he said. "It's strictly business."
Knapp, who is appealing an NASD order to sell his firm and get out of the brokerage business, will retain ownership of K.A. Knapp & Co. and gain control of a seat on Brokers Securities' board of directors.
In April, the NASD refused to...