Mitchell Portfolio Management closed its broker-dealer operations, six advisor bankruptcy disclosures were removed at Schwab, LPL, and Empower, and three RIA firms graduated from SEC registration across 13 total events — the quietest day of February, consistent with the Presidents' Day holiday weekend.
Mitchell Portfolio Management Closes
Mitchell Portfolio Management, L.P. (CRD 164841) in Costa Mesa, California, was recorded as a closed firm — ending its broker-dealer operations. Firm closures at broker-dealers trigger a cascade of regulatory obligations: outstanding customer accounts must be transferred, proprietary positions must be liquidated or transferred, and the firm must file a final FOCUS Report and withdraw its FINRA membership. Advisors and registered representatives associated with the firm must find new affiliations or their registrations will lapse.
The closure of a California-based portfolio management broker-dealer adds to the steady attrition of smaller, specialized BD firms that has characterized the industry's multi-year consolidation trend. FINRA's membership rolls have declined consistently over the past two decades, with closures outpacing new entrants in most years.
Six Bankruptcy Disclosures Removed
Six advisor bankruptcy disclosures were removed across major firms — all reflecting the expiration of aging records under regulatory reporting windows. The removals occurred at Schwab Wealth Advisory (Tanya Torres, CRD 7076191), LPL Financial (Michael Simpson, CRD 2366512), Polley Wealth Management (Gregory Kite, CRD 1736279), Charles Schwab & Co. (Sean Greenhut, CRD 3235071), Empower Advisory Group (Kevin Corbin, CRD 6558727), and one additional firm.
Bankruptcy disclosures on advisor records are typically removed after 10 years under FINRA and SEC reporting rules. The concentration of six removals in a single day reflects batch processing of expired records — a routine administrative function that nonetheless materially affects the public-facing profiles of the advisors involved.
Three RIA Graduations, Two 120-Day Failures
Three advisory firms completed their SEC registration graduation, while two firms failed the 120-day process. The 60% success rate on a light-volume day is lower than the month's overall average, though the small sample size makes single-day ratios less meaningful than multi-week trends.
OCC Issues Charter Action
The OCC processed one charter-related action — a relatively uncommon event type that typically involves new bank charters, charter conversions, or charter amendments. Charter actions shape the regulatory framework under which nationally chartered banks operate.
Holiday Volume
The 13 total events represent the lowest single-day count of February 2026, consistent with the Presidents' Day holiday weekend when regulatory offices, FINRA, and the SEC operate on reduced schedules. Filing activity resumes to normal levels once the business week begins. Despite the low volume, the firm closure and disclosure removals represent material events that affect the firms and individuals involved.
All data sourced from FINRA BrokerCheck, SEC EDGAR, OCC, and the Finleet Terminal as of February 16, 2026. Entity profiles are available at terminal.finleet.com.