Sanctuary Fired CEO Over Misconduct Allegations

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.