Former Securities America CEO Jim Nagengast is suing Osaic, the firm that integrated Securities America and Advisor Group’s eight legacy broker/dealers.
Details of the accusations remain under wraps – for now.
On Thursday, Nagengast filed a complaint against Osaic and its holding company, Artemis Holdings, L.P., in Delaware federal court. He also successfully moved to place the complaint under seal for the time being.
The former Securities America CEO is suing Osaic for “breach of contract,” claiming the suit “contains detailed allegations relating to a Confidential Separation and General Release Agreement…entered into by Plaintiff and Defendants,” according to his attorneys.
According to the motion to file the complaint under seal, Nagengast’s confidentiality agreement with Osaic requires him to keep the terms under wraps. Attorneys pledged that if the court granted the motion, Nagengast would file a public (albeit redacted) version of the complaint within one week.
A spokesperson for Osaic declined to comment, saying the firm does not speak about ongoing litigation. Nagengast nor his representatives responded to a request for comment.
Securities America was one of eight legacy broker/dealers rolled up into Osaic after it rebranded from Advisor Group (the others included American Portfolios, FSC Securities, Infinex Investments, Roya Alliance, SagePoint Financial, Triad Advisors, and Woodbury Financial Services), and was expected to take up to two years. According to Osaic CEO Jamie Price, Securities America was fully integrated into Osaic as of last fall.
Nagengast had been with Securities America since 1994, though its sale from Ameriprise to Ladenburg Thalmann in 2011 and Ladenburg’s subsequent acquisition by Osaic (then-Advisor Group) in 2019. Nagengast left Osaic in early 2024, about six months after the rebranding and the broker/dealer roll-up plan was announced.