B. Riley (RILY) debt securities taking a hit...

From Bloomberg:

B. Riley’s Belated Data Boosts Stock But Fails to Quiet Skeptics
  • Auditor’s criticism punctuates investment bank’s annual report
  • Firm re-asserts no entanglements in key client’s legal woes
B. Riley Financial Inc. sent its stock soaring by finally delivering its overdue annual report, which provided fuel both for fans of the boutique investment bank and skeptics who contend its accounting is deeply flawed.

Auditors for Los Angeles-based B. Riley cited various material weaknesses in the company’s internal controls, and some of the previously reported data was revised, according to regulatory filings.

https://tinyurl.com/240424bbrily

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It's so me...I can see the picture, but can never get the timing right.

In 2000 I could see the dot.com bubble before my eyes. I bought a put...Waited 6 months and it expired worthless!! Two months later it imploded!!

I never pulled the trigger on this stock...Wish I had.
 
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I looked through the B. Riley website just now. They talked about investment banking a lot...That and many other things. What I was looking for was some type of mention of FDIC anywhere!! Nothing that I saw...

That would have been a nice layer of protection (and accountability) that may have spotted red flags. Even if it had a small bank, there would/could have been tighter audits of their books...
 
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