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Sanctuary Fired CEO Over Misconduct Allegations, Filing Shows

News March 07, 2023 at 05:29 PM
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Jim Dickson was terminated by the Sanctuary Wealth Group board as its CEO over misconduct allegations, according to a Form U5 regulatory filing by the company.

The board reached that decision after receiving information providing evidence that Dickson "had not conducted himself in accordance with the requirements of his employment contract and his duties and obligations as CEO," according to the filing.

Sanctuary started internally investigating the allegations on Jan. 23 and the review is ongoing, according to the filing.

Sanctuary disclosed Feb. 3 that it appointed existing board member Adam Malamed to be its new CEO, replacing Dickson. The company did not say at the time why it terminated Dickson, who founded the firm in 2018 as part of a group that acquired Indianapolis broker-dealer David A. Noyes & Co. and changed its name to Sanctuary.

Brian Hamburger, Dickson's attorney, said in a statement on behalf of Dickson that he denied the allegations against him.

"One month ago, Mr. Dickson was asked to walk away from the company which he proudly founded," according to the statement, provided to ThinkAdvisor by Hamburger on Tuesday.

"Throughout his tenure, Mr. Dickson diligently served the company's interests while disrupting an entire industry," the statement said. "He has taken seriously his obligations to serve the interests of all stakeholders and vehemently denies any allegations to the contrary. He left Sanctuary in an enviable position of strength and wishes his Sanctuary team and partner firms continued success."

The statement added: "Like many entrepreneurs in the industry of late, he relinquished control to well-capitalized investors. There are so many constructive lessons he has learned from this experience and, while Jim is unable to engage in dialogue currently, he is looking forward to an opportunity to share them with his many supporters."

AdvisorHub was the first to report on the regulatory filing's disclosure, on Monday.

(Pictured: Jim Dickson)

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