Jim Dickson was terminated by the Sanctuary Wealth Group board as its CEO over misconduct allegations, based on a Type U5 regulatory submitting by the corporate.

The board reached that call after receiving data offering proof that Dickson “had not carried out himself in accordance with the necessities of his employment contract and his duties and obligations as CEO,” based on the submitting.

Sanctuary began internally investigating the allegations on Jan. 23 and the evaluation is ongoing, based on the submitting.

Sanctuary disclosed Feb. 3 that it appointed current board member Adam Malamed to be its new CEO, changing Dickson. The corporate didn’t say on the time why it terminated Dickson, who based the agency in 2018 as a part of a bunch that acquired Indianapolis broker-dealer David A. Noyes & Co. and altered its identify to Sanctuary.

Brian Hamburger, Dickson’s legal professional, mentioned in a press release on behalf of Dickson that he denied the allegations in opposition to him.