Bryant Riley Seeks to Swap Years of Turmoil for Turnaround (1)

B. Riley Financial Inc. is still standing.

It’s a remarkable statement, given what the brokerage and investment firm led by Chairman Bryant Riley has been through: More than $1 billion of losses over the past three years, the bankruptcy of its key investment, a plunging stock price and an ongoing investigation by US regulators.

He’s had to sell off prized pieces of his firm to cut debt while some of his top-producing brokers departed and counterparties balked at doing business. The company is so far behind on reporting official results that Nasdaq has threatened to delist the stock at the ...