National (NHLD) 10-Q14 Aug 172017 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Aug. 11, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	NATIONAL HOLDINGS CORP
Trading Symbol	NHLD
Entity Central Index Key	1,023,844
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		12,437,916

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
ASSETS
Cash	$ 28,205	$ 21,694
Restricted cash	1,380	354
Cash deposits with clearing organizations	1,040	1,030
Securities owned, at fair value	1,595	2,357
Receivables from broker-dealers and clearing organizations	2,786	3,357
Forgivable loans receivable	1,269	1,712
Other receivables, net	4,748	5,430
Prepaid expenses	1,155	1,910
Fixed assets, net	2,192	1,164
Intangible assets, net	5,119	5,704
Goodwill	6,226	6,531
Deferred tax asset, net	8,566	8,958
Other assets, principally refundable deposits	339	345
Total Assets	64,620	60,546
Liabilities
Securities sold, but not yet purchased, at fair value	0	298
Accrued commissions and payroll payable	11,255	11,940
Accounts payable and accrued expenses	8,508	7,166
Deferred clearing and marketing credits	838	995
Warrants issued in 2017 and issuable in 2016	8,832	14,055
Other	193	319
Total Liabilities	29,626	34,773
Stockholders’ Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none outstanding	0	0
Common stock $0.02 par value, authorized 75,000,000 shares at June 30, 2017 and 150,000,000 shares at September 30, 2016; 12,437,916 shares issued and outstanding at June 30, 2017 and September 30, 2016	248	248
Additional paid-in-capital	66,665	66,353
Accumulated deficit	(31,934)	(40,843)
Total National Holdings Corporation Stockholders’ Equity	34,979	25,758
Non-Controlling interest	15	15
Total Stockholders’ Equity	34,994	25,773
Total Liabilities and Stockholders’ Equity	$ 64,620	$ 60,546

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Jun. 30, 2017	Sep. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.02	$ 0.02
Common stock, shares authorized (in shares)	75,000,000	150,000,000
Common stock, shares issued (in shares)	12,437,916	12,437,916
Common stock, shares outstanding (in shares)	12,437,916	12,437,916

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Commissions	$ 24,881	$ 25,051	$ 73,380	$ 71,722
Net dealer inventory gains	1,789	2,340	6,666	7,483
Investment banking	12,623	10,735	38,532	22,921
Investment advisory	3,604	3,361	10,480	10,337
Interest and dividends	675	702	2,065	2,415
Transaction fees and clearing services	1,649	1,591	5,834	5,512
Tax preparation and accounting	2,527	2,386	6,527	7,222
Other	299	176	1,016	385
Total Revenues	48,047	46,342	144,500	127,997
Operating Expenses
Commissions, compensation and fees	39,963	39,667	118,983	110,260
Clearing fees	470	509	1,826	1,798
Communications	690	786	2,094	2,427
Occupancy	972	982	2,916	2,886
License and registration	391	417	1,223	1,155
Professional fees	1,083	2,327	3,336	4,897
Interest	5	13	13	16
Depreciation and amortization	288	302	871	898
Other administrative expenses	3,610	1,624	7,315	3,973
Total Operating Expenses	47,472	46,627	138,577	128,310
Income (Loss) before Other Income (Expense) and Income Taxes	575	(285)	5,923	(313)
Other Income (Expense)
Gain on disposal of Gilman branches	0	0	130	0
Change in fair value of warrants	(642)	0	5,223	0
Other income	5	0	10	0
Total Other Income (Expense)	(637)	0	5,363	0
Income (Loss) before Income Taxes	(62)	(285)	11,286	(313)
Income tax expense (benefit)	(38)	(124)	2,377	(69)
Net Income (Loss)	$ (24)	$ (161)	$ 8,909	$ (244)
Net income (loss) per share - Basic (in dollars per share)	$ 0	$ (0.01)	$ 0.72	$ (0.02)
Net income (loss) per share - Diluted (in dollars per share)	$ 0	$ (0.01)	$ 0.72	$ (0.02)
Weighted average number of shares outstanding - Basic (in shares)	12,437,916	12,440,035	12,437,916	12,442,059
Weighted average number of shares outstanding - Diluted (in shares)	12,437,916	12,440,035	12,459,834	12,442,059

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Jun. 30, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in- Capital	Accumulated Deficit	Non-Controlling Interest
Balance (in shares) at Sep. 30, 2016		12,437,916
Balance at Sep. 30, 2016	$ 25,773	$ 248	$ 66,353	$ (40,843)	$ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation – restricted stock units	312		312
Net income	8,909			8,909
Balance (in shares) at Jun. 30, 2017		12,437,916
Balance at Jun. 30, 2017	$ 34,994	$ 248	$ 66,665	$ (31,934)	$ 15

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 8,909,000	$ (244,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Change in fair value of warrants	(5,223,000)	0
Depreciation and amortization	871,000	898,000
Amortization of forgivable loans to registered representatives	520,000	493,000
Stock-based compensation	312,000	125,000
Recovery for doubtful accounts	(274,000)
Provision for doubtful accounts		121,000
Amortization of deferred clearing credit	(157,000)	(157,000)
Increase in fair value of contingent consideration payable	21,000	12,000
Deferred tax expense (benefit)	392,000	(139,000)
Gain on disposal of Gilman branches	(130,000)	0
Changes in assets and liabilities
Restricted cash	(1,026,000)	(135,000)
Cash deposits with clearing organizations	(10,000)	(25,000)
Securities owned, at fair value	762,000	(635,000)
Receivables from broker-dealers and clearing organizations	571,000	(532,000)
Forgivable loans receivable	(77,000)	(933,000)
Other receivables, net	1,566,000	(264,000)
Prepaid expenses	755,000	89,000
Other assets, principally refundable deposits	6,000	206,000
Accounts payable, accrued expenses and other liabilities	(347,000)	(727,000)
Securities sold, but not yet purchased, at fair value	(298,000)	(32,000)
Net cash provided by (used in) operating activities	7,143,000	(1,879,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business	(19,000)	0
Purchase of fixed assets	(641,000)	(470,000)
Collection on notes receivable - disposal of Gilman branches	28,000	0
Net cash used in investing activities	(632,000)	(470,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares of common stock	0	(86,000)
Net cash used in financing activities	0	(86,000)
NET INCREASE (DECREASE) IN CASH	6,511,000	(2,435,000)
CASH BALANCE
Beginning of the period	21,694,000	24,642,000
End of the period	28,205,000	22,207,000
Cash paid during the period for:
Interest	11,000	16,000
Income taxes	1,004,000	76,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES
Fixed assets (acquired but not paid)	665,000	0
Identifiable intangible asset acquired	211,000	0
Contingent consideration payable	(192,000)	0
Cash paid	19,000	0
Sale of Gilman branches:
Notes receivable (included in other receivables)	638,000	0
Disposal of goodwill	(305,000)	0
Disposal of intangible assets, net	(203,000)	0
Gain on disposal of Gilman branches	$ 130,000	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying condensed consolidated financial statements of the Company, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated financial statements as of June 30, 2017 and for the three and nine months ended June 30, 2017 and 2016 are unaudited. The results of operations for the interim periods are not necessarily indicative of the results of operations for the respective fiscal years. The consolidated statement of financial condition at September 30, 2016 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statement presentation. The accompanying consolidated financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2016 for additional disclosures and accounting policies. Certain items in the condensed consolidated statement of operations for the fiscal 2016 period have been reclassified to conform to the presentation in the fiscal 2017 period. Such reclassifications did not have a material impact on the presentation of the overall financial statements.

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS National Holdings Corporation (“National” or the “Company”), a Delaware corporation organized in 1996, operates through its wholly owned subsidiaries which principally provide financial services. Through its broker-dealer and investment advisory subsidiaries, the Company (1) offers full service retail brokerage and investment advisory services to individual, corporate and institutional clients, (2) provides investment banking, merger, acquisition and advisory services to micro, small and mid-cap high growth companies, (3) engages in trading securities, including making markets in micro and small-cap, NASDAQ and other exchange listed stocks and (4) provides liquidity in the United States Treasury marketplace. Broker-dealer subsidiaries consist of National Securities Corporation (“National Securities” or “NSC”) and vFinance Investments, Inc. (“vFinance Investments”) (collectively, the “Broker-Dealer Subsidiaries”). The Broker-Dealer Subsidiaries conduct a national securities brokerage business through their main offices in New York City, New York, Boca Raton, Florida, and Seattle, Washington. Broker-dealer subsidiaries are introducing brokers and clear all transactions through clearing organizations, on a fully disclosed basis. The Broker-Dealer Subsidiaries are registered with the Securities and Exchange Commission ("SEC") and the Commodities and Futures Trading Commission, and are members of the Financial Industry Regulatory Authority ("FINRA"), the Securities Investor Protection Corporation and the National Futures Association. The Company’s wholly-owned subsidiary, National Asset Management, Inc. ("NAM"), is a federally-registered investment adviser providing asset management advisory services to retail clients for a fee based upon a percentage of assets managed. The Company’s wholly-owned subsidiaries, National Insurance Corporation ("National Insurance") and Prime Financial Services ("Prime Financial"), provide fixed insurance products to their clients, including life insurance, disability insurance, long term care insurance and fixed annuities. The Company’s wholly-owned subsidiary, Gilman Ciocia, Inc. ("Gilman"), provides tax preparation and accounting services to individuals and small to midsize companies. The Company’s wholly-owned subsidiary, GC Capital Corporation ("GC"), provides licensed mortgage brokerage services in New York and Florida. On September 9, 2016, a subsidiary of Fortress Biotech, Inc. (“Fortress”), acquired a controlling interest in the Company. See Note 19.

RECEIVEABLES FROM BROKER-DEALER

RECEIVEABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES	9 Months Ended
	Jun. 30, 2017
Brokers and Dealers [Abstract]
RECEIVEABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES	RECEIVABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES At June 30, 2017 and September 30, 2016 , the receivables of $2,786,000 and $3,357,000 , respectively, from broker-dealers and clearing organizations represent net amounts due for fees and commissions associated with the Company’s retail brokerage business as well as asset based fee revenues associated with the Company’s Investment advisory business. Other receivables, net, at June 30, 2017 and September 30, 2016 of $4,748,000 and $5,430,000 , respectively, principally represent (a) trailing fees of $1,196,000 and $1,250,000 , respectively, (b) fees for tax and accounting services of $546,000 and $864,000 , respectively, net of allowance for doubtful accounts of $307,000 and $581,000 , respectively, (c) advances to registered representatives of $889,000 and $918,000 , respectively, net of allowance for doubtful accounts of $154,000 for both periods, (d) receivable related to investment banking of $773,000 and $1,877,000 , respectively, (e) receivable related to advisory fees of $486,000 and $597,000 , respectively, and (f) notes receivable in the aggregate principal amount of $613,000 at June 30, 2017 from the sale of two Gilman branches (see Note 7).

FORGIVABLE LOANS RECEIVABLE

FORGIVABLE LOANS RECEIVABLE	9 Months Ended
FORGIVABLE LOANS RECEIVABLE	Jun. 30, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
FORGIVABLE LOANS RECEIVABLE	FORGIVABLE LOANS RECEIVABLE From time to time, the Company's operating subsidiaries may make loans, evidenced by promissory notes, primarily to newly recruited independent financial advisors as an incentive for their affiliation. The notes receivable balance is comprised of unsecured non-interest-bearing and interest-bearing loans (interest rates ranging up to 9% ). These notes have various schedules for repayment or forgiveness based on production or retention requirements being met and mature at various dates through 2021. Forgiveness of loans amounted to $520,000 and $493,000 for the nine months ended June 30, 2017 and 2016 , respectively, and the related compensation was included in commissions, compensation and fees in the condensed consolidated statements of operations. In the event the advisor’s affiliation with the subsidiary terminates, the advisor is required to repay the unamortized balance of any notes payable. The Company provides an allowance for doubtful accounts on the notes based on historical collection experience and continually evaluates the receivables for collectability and possible write-offs where a loss is deemed probable. As of June 30, 2017 and September 30, 2016 , no allowance for doubtful accounts was required. Forgivable loan activity for the nine months ended June 30, 2017 is as follows: Balance, October 1, 2016 $ 1,712,000 Additions 77,000 Amortization (520,000 ) Balance, June 30, 2017 $ 1,269,000 There were no unamortized loans outstanding at June 30, 2017 and September 30, 2016 attributable to registered representatives who ended their affiliation with the Broker-Dealer Subsidiaries prior to the fulfillment of their obligation.

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	9 Months Ended
FAIR VALUE OF ASSETS AND LIABILITIES	Jun. 30, 2017
Schedule of Investments [Abstract]
FAIR VALUE OF ASSETS AND LIABILITIES	FAIR VALUE OF ASSETS AND LIABILITIES Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3 - Unobservable inputs which reflect the assumptions that the Company develops based on available information about what market participants would use in valuing the asset or liability. The following tables present the carrying values and estimated fair values at June 30, 2017 and September 30, 2016 of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. Such instruments are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk. June 30, 2017 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash $ 28,205,000 $ 28,205,000 $ — $ 28,205,000 Cash deposits with clearing organizations 1,040,000 1,040,000 — 1,040,000 Receivables from broker-dealers and clearing organizations 2,786,000 — 2,786,000 2,786,000 Forgivable loans receivable (1) 1,269,000 — 1,269,000 1,269,000 Other Receivables, Net 4,748,000 — 4,748,000 4,748,000 $ 38,048,000 $ 29,245,000 $ 8,803,000 $ 38,048,000 Liabilities Accrued commissions and payroll payable 11,255,000 — 11,255,000 11,255,000 Accounts payable and accrued expenses (2) 7,871,000 — 7,871,000 7,871,000 $ 19,126,000 $ — $ 19,126,000 $ 19,126,000 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $637,000 . September 30, 2016 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash $ 21,694,000 $ 21,694,000 $ — $ 21,694,000 Cash deposits with clearing organizations 1,030,000 1,030,000 — 1,030,000 Receivables from broker-dealers and clearing organizations 3,357,000 — 3,357,000 3,357,000 Forgivable loans receivable (1) 1,712,000 — 1,712,000 1,712,000 Other Receivables, Net 5,430,000 — 5,430,000 5,430,000 $ 33,223,000 $ 22,724,000 $ 10,499,000 $ 33,223,000 Liabilities Accrued commissions and payroll payable 11,940,000 — 11,940,000 11,940,000 Accounts payable and accrued expenses (2) 6,742,000 — 6,742,000 6,742,000 $ 18,682,000 $ — $ 18,682,000 $ 18,682,000 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $424,000 . The following tables present the financial assets and liabilities measured at fair value on a recurring basis at June 30, 2017 and September 30, 2016 : June 30, 2017 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Corporate stocks $ 70,000 $ 70,000 $ — $ — $ 70,000 Municipal bonds 1,333,000 816,000 517,000 — 1,333,000 Restricted stock 192,000 — 192,000 — 192,000 $ 1,595,000 $ 886,000 $ 709,000 $ — $ 1,595,000 Liabilities Contingent consideration 637,000 — — 637,000 637,000 Warrants issued 8,832,000 — 8,832,000 — 8,832,000 $ 9,469,000 $ — $ 8,832,000 $ 637,000 $ 9,469,000 September 30, 2016 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Corporate stocks $ 101,000 $ 101,000 $ — $ — $ 101,000 Municipal bonds 2,111,000 2,111,000 — — 2,111,000 Restricted stock 145,000 — 145,000 — 145,000 $ 2,357,000 $ 2,212,000 $ 145,000 $ — $ 2,357,000 Liabilities Contingent consideration 424,000 — — 424,000 424,000 Warrants issuable 14,055,000 — 14,055,000 — 14,055,000 Corporate stocks 298,000 298,000 — — 298,000 $ 14,777,000 $ 298,000 $ 14,055,000 $ 424,000 $ 14,777,000

FIXED ASSETS

FIXED ASSETS	9 Months Ended
FIXED ASSETS	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
FIXED ASSETS	FIXED ASSETS Fixed assets as of June 30, 2017 and September 30, 2016 consist of the following: June 30, September 30, Estimated Useful Lives Equipment and software $ 1,741,000 $ 1,036,000 5 Furniture and fixtures 338,000 163,000 5 Leasehold improvements 1,079,000 653,000 Lesser of useful Capital leases (primarily composed of computer equipment) 739,000 739,000 5 3,897,000 2,591,000 Less accumulated depreciation and amortization (1,705,000 ) (1,427,000 ) Fixed assets – net $ 2,192,000 $ 1,164,000 Depreciation expense associated with fixed assets for the three months ended June 30, 2017 and 2016 was $91,000 and $122,000 , respectively. Depreciation expense associated with fixed assets for the nine months ended June 30, 2017 and 2016 was $278,000 and $345,000 , respectively.

BUSINESS COMBINATION, CONTINGEN

BUSINESS COMBINATION, CONTINGENT CONSIDERATION AND DISPOSAL OF BRANCHES	9 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
BUSINESS COMBINATION, CONTINGENT CONSIDERATION AND DISPOSAL OF BRANCHES	BUSINESS COMBINATION, CONTINGENT CONSIDERATION AND DISPOSAL OF BRANCHES Business Combination In October 2016, Gilman acquired certain assets of a tax preparation and accounting business that was deemed to be a business acquisition. The consideration for the transaction consisted of a cash payment at closing of $19,000 and contingent consideration payable in cash having a fair value of $192,000 , for which a liability (included in Accounts payable and accrued expenses) was recognized based on the estimated acquisition date fair value of the potential earn-out. The earn-out is based on revenue, as defined in the acquisition agreement, during the 36 -month period following the closing up to a maximum of $225,600 . The liability was valued using an income-based approach using unobservable inputs (Level 3) and reflects the Company’s own assumptions. The liability will be revalued at each Balance Sheet date with changes therein recorded in earnings. The fair value of the acquired assets was allocated to customer relationships, which is being amortized over three years. Results of operations of the acquired business are included in the accompanying condensed consolidated statements of operations from the date of acquisition and were not material. In addition, based on materiality, pro forma results are not presented. Contingent Consideration Set below are changes in the carrying value of contingent consideration for the nine months ended June 30, 2017 related to acquisitions: Fair value of contingent consideration at September 30, 2016 $ 424,000 Fair value of contingent consideration in connection with above acquisition 192,000 Payments — Change in fair value 21,000 Fair value of contingent consideration at June 30, 2017 $ 637,000 Disposal of Gilman Branches In January 2017, the Company sold two of its Gilman branches for notes in the aggregate principal amounts of $638,000 which, after allocating a portion of goodwill and unamortized intangibles of $305,000 and $203,000 , respectively, resulted in a gain on disposal of $130,000 . Principal and interest on the notes is payable monthly over 83 to 95 months with interest at 3% to 4% per annum. ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY On September 12, 2016, FBIO Acquisition, Inc. (“FBIO Acquisition”), a wholly-owned subsidiary of Fortress, completed a tender offer (the “Offer”) for all outstanding shares of the Company at a price of $3.25 per share, net to the seller in cash (less any required withholding taxes and without interest) (the “Offer Price”), pursuant to the terms of an Agreement and Plan of Merger dated as of April 27, 2016 (as amended, the “Merger Agreement”) among the Company, Fortress and FBIO Acquisition. The Offer expired on September 9, 2016, and a total of 7,037,482 shares were validly tendered and not withdrawn (including shares delivered through notices of guaranteed delivery), representing approximately 56.6% of the Company's issued and outstanding shares of common stock immediately following the completion of the Offer (in each case, without giving effect to the issuance or exercise of the Dividend Warrants). On September 12, 2016, FBIO Acquisition accepted for payment all shares that were validly tendered and not withdrawn prior to the expiration time of the Offer (such time of acceptance, the "Acceptance Time") and delivered payment for such shares. Dividend Warrants In accordance with the Merger Agreement, since less than 80% of the Company's issued and outstanding shares of common stock were tendered, the Company remains a publicly-traded company and stockholders post-tender offer received from the Company a five year warrant per held share to purchase an additional share of the Company's common stock at $3.25 as a dividend to all holders of the Company's common stock. As the Company does not have the ability to settle the warrants with unregistered shares and maintenance of an effective registration statement (which did not exist at September 30, 2016) may be considered outside of the Company’s control, net cash settlement of the warrants is assumed. Accordingly, as the Company was obligated to issue the warrants at September 30, 2016 , and subsequently issued the warrants in January 2017, the fair value of the 12,437,916 warrants are being classified as a liability in the condensed consolidated statement of financial condition at June 30, 2017 and September 30, 2016 . This liability is subject to re-measurement at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in fair value of warrants” in the condensed consolidated statements of operations. As the warrants were registered and trading and the Company maintained an effective registration statement at June 30, 2017 , fair value of the warrants was based on the market price. As of September 30, 2016 , valuation was determined by use of the Black-Scholes option pricing model using the following assumptions: Fiscal Year 2016 Dividend yield 0.00 % Expected volatility 38.20 % Risk-free interest rate 1.14 % Life (in years) 5

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
INTANGIBLE ASSETS	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Intangibles consisted of the following at June 30, 2017 and September 30, 2016 : June 30, 2017 Intangible asset Cost Accumulated Amortization Carrying Value Estimated Customer relationships $ 6,867,000 $ 2,508,000 $ 4,359,000 3-10 Non-compete 296,000 296,000 — 2 Gilman brand name 760,000 — 760,000 Indefinite $ 7,923,000 $ 2,804,000 $ 5,119,000 September 30, 2016 Intangible asset Cost Accumulated Amortization Carrying Value Estimated Customer relationships $ 6,969,000 $ 2,025,000 $ 4,944,000 7-10 Non-compete 296,000 296,000 — 2 Gilman brand name 760,000 — 760,000 Indefinite $ 8,025,000 $ 2,321,000 $ 5,704,000 Amortization expense associated with intangible assets for the three months ended June 30, 2017 and 2016 was $197,000 and $180,000 , respectively. Amortization expense associated with intangible assets for the nine months ended June 30, 2017 and 2016 was $593,000 and $553,000 , respectively. The estimated future amortization expense of the finite lived intangible assets for the next five fiscal years and thereafter is as follows: Year ending Three months ending September 30, 2017 $ 197,000 2018 790,000 2019 790,000 2020 719,000 2021 719,000 Thereafter 1,144,000 Total $ 4,359,000

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Jun. 30, 2017
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses as of June 30, 2017 and September 30, 2016 consist of the following: June 30, September 30, Legal $ 836,000 $ 1,346,000 Audit 148,000 198,000 Telecommunications 196,000 209,000 Data services 450,000 425,000 Regulatory 661,000 444,000 Settlements 2,633,000 832,000 Contingent consideration payable 636,000 424,000 Deferred rent 177,000 65,000 Income taxes payable 927,000 — Other 1,844,000 3,223,000 Total $ 8,508,000 $ 7,166,000

PER SHARE DATA

PER SHARE DATA	9 Months Ended
PER SHARE DATA	Jun. 30, 2017
Earnings Per Share [Abstract]
PER SHARE DATA	PER SHARE DATA Basic net income (loss) per share of common stock attributable to the Company is computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share is computed on the basis of such weighted average number of shares of common stock outstanding plus the dilutive effect of incremental shares of common stock potentially issuable under outstanding options, warrants and unvested restricted stock units utilizing the treasury stock method. A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Month Period Ended June 30, Nine Month Period Ended June 30, 2017 2016 2017 2016 Basic weighted-average shares 12,437,916 12,440,035 12,437,916 12,442,059 Effect of dilutive securities: Options — — 186 — Unvested restricted stock units — — 21,732 — Warrants — — — — Diluted weighted-average shares 12,437,916 12,440,035 12,459,834 12,442,059 The following potential common share equivalents are not included in the above diluted computation because to do so would be anti-dilutive as the instruments are out of the money: Three Month Period Ended June 30, Nine Month Period Ended June 30, 2017 2016 2017 2016 Options 1,206,000 1,224,500 1,207,333 1,311,167 Warrants 12,459,474 (a) 43,116 8,313,502 (a) 43,116 Restricted stock units 312,500 — — — 13,977,974 1,267,616 9,520,835 1,354,283 (a) As the warrants are out of the money, in the diluted computation, no adjustment is made to net income (loss) to eliminate the change in fair value of the warrants.

OFF BALANCE SHEET RISK AND CONC

OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK	9 Months Ended
OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK	Jun. 30, 2017
Risks and Uncertainties [Abstract]
OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK	OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK The Company is engaged in trading and providing a broad range of securities brokerage and investment services to a diverse group of retail and institutional clientele, as well as corporate finance and investment banking services to corporations and businesses. Counterparties to the Company’s business activities include broker-dealers and clearing organizations, banks and other financial institutions. The Company uses clearing brokers to process transactions and maintain customer accounts for the Company on a fee basis. The Company permits the clearing firms to extend credit to its clientele secured by cash and securities in the client’s account. The Company’s exposure to credit risk associated with the non-performance by its customers and counterparties in fulfilling their contractual obligations can be directly impacted by volatile or illiquid trading markets, which may impair the ability of customers and counterparties to satisfy their obligations to the Company. The Company has agreed to indemnify the clearing brokers for losses they incur while extending credit to the Company’s clients. It is the Company’s policy to review, as necessary, the credit standing of its customers and counterparties. Amounts due from customers that are considered uncollectible by the clearing broker are charged back to the Company by the clearing broker when such amounts become determinable. Upon notification of a charge back, such amounts, in total or in part, are then either (i) collected from the customers, (ii) charged to the broker initiating the transaction and/or (iii) charged to operations, based on the particular facts and circumstances. The Company maintains cash in bank deposits, which, at times, may exceed federally insured limits. The Company has not experienced and does not expect to experience losses on such accounts. A short sale involves the sale of a security that is not owned in the expectation of purchasing the same security (or a security exchangeable) at a later date at a lower price. A short sale involves the risk of a theoretically unlimited increase in the market price of the security that would result in a theoretically unlimited loss.

NEW ACCOUNTING GUIDANCE

NEW ACCOUNTING GUIDANCE	9 Months Ended
NEW ACCOUNTING GUIDANCE	Jun. 30, 2017
Accounting Policies [Abstract]
NEW ACCOUNTING GUIDANCE	NEW ACCOUNTING GUIDANCE In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts With Customers (Topic 606) which creates a single, principle-based model for revenue recognition and expands and improves disclosures about revenue. The new guidance is effective for the Company beginning October 1, 2018, and must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. The Company is currently evaluating the potential impact of this standard on its financial statements which, (1) for investment banking advisory arrangements may change the timing of revenue recognition depending on the number and nature of the performance obligations identified, (2) for underwriting expenses and costs of advisory services and related reimbursement revenue may need to be recognized on a gross basis, and (3) for costs to obtain a contract may need to be capitalized, amortized and reviewed regularly for impairment. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for the Company beginning October 1, 2019 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently assessing the impact that the adoption of ASU 2016-02 will have on its financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for the Company beginning October 1, 2017 for both interim and annual reporting periods. The Company is currently assessing the impact that the adoption of ASU 2016-09 will have on its financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments”. ASU 2016-15 reduces the diversity of how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The ASU should be applied retrospectively to all periods presented. The Company does not anticipate that the adoption of ASU 2016-15 will have a material impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) - Restricted Cash”. ASU 2016-18 reduces the diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The statement requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The ASU should be applied retrospectively to all periods presented. The Company is currently assessing the impact that the adoption of ASU 2016-18 will have on its financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this Update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. The Company is currently assessing the impact that the adoption of ASU 2017-01 will have on its financial statements. In January 2017, FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment", which eliminates the second step of the previous FASB guidance for testing goodwill for impairment and is intended to reduce cost and complexity of goodwill impairment testing. The standard is effective for the Company beginning October 1, 2020 for both interim and annual periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact that the adoption of ASU 2017-04 will have on its financial statements. In May 2017, the FASB issued ASU 2017-09, “Scope of Modification Accounting”. This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The Company is currently assessing the impact that the adoption of ASU 2017-09 will have on its financial statements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases The Company leases office space in various states expiring at various dates through October 2026, and as of June 30, 2017 , is committed under operating leases for future minimum lease payments as follows: Fiscal Year Ending Lease Payments Three months ending September 30, 2017 $ 711,000 2018 3,138,000 2019 2,634,000 2020 2,415,000 2021 2,096,000 Thereafter 5,855,000 $ 16,849,000 The total amount of rent payable under the leases is recognized on a straight line basis over the term of the leases. Rental expense under all operating leases, excluding sublease income, for the three months ended June 30, 2017 and 2016 was $929,000 and $961,000 , respectively. Rental expense under all operating leases, excluding sublease income, for the nine months ended June 30, 2017 and 2016 was $2,854,000 and $2,880,000 , respectively. Sublease income under all operating subleases for the three months ended June 30, 2017 and 2016 was approximately $2,000 and $35,000 , respectively. Sublease income under all operating subleases for the nine months ended June 30, 2017 and 2016 was approximately $77,000 and $106,000 , respectively. As of June 30, 2017 , the Company and its subsidiaries had three outstanding letters of credit, which have been issued in the maximum amount of $1,380,000 as security for property leases, and which are collateralized by the restricted cash as reflected in the condensed consolidated statements of financial condition. Litigation and Regulatory Matters The Company and its subsidiaries are defendants or respondents in various pending and threatened arbitrations, administrative proceedings and lawsuits seeking compensatory damages. Several cases have no stated alleged damages. Claim amounts are infrequently indicative of the actual amounts the Company will be liable for, if any. Further, the Company has a history of collecting amounts awarded in these types of matters from its registered representatives that are still affiliated, as well as from those that are no longer affiliated. Many of these claimants also seek, in addition to compensatory damages, punitive or treble damages, and all seek interest, costs and fees. These matters arise in the normal course of business. The Company intends to vigorously defend itself in these actions, and the ultimate outcome of these matters cannot be determined at this time. Liabilities for potential losses from complaints, legal actions, government investigations and proceedings are established where the Company believes that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In making these decisions, management bases its judgments on its knowledge of the situations, consultations with legal counsel and its historical experience in resolving similar matters. In many lawsuits, arbitrations and regulatory proceedings, it is not possible to determine whether a liability has been incurred or to estimate the amount of that liability until the matter is close to resolution. However, accruals are reviewed regularly and are adjusted to reflect the Company’s estimates of the impact of developments, rulings, advice of counsel and any other information pertinent to a particular matter. Because of the inherent difficulty in predicting the ultimate outcome of legal and regulatory actions, management cannot predict with certainty the eventual loss or range of loss related to such matters. At June 30, 2017 and September 30, 2016 , the Company accrued approximately $2,633,000 and $832,000 , respectively. These amounts are included in accounts payable and accrued expenses in the condensed consolidated statements of financial condition. During the three and nine months ended June 30, 2017 , the Company charged $2,326,000 and $3,322,000 , respectively, to operations with respect to such matters and during the three and nine months ended June 30, 2016 , the Company charged $362,000 and $525,000 , respectively, to operations, which is included in other administrative expenses. The Company has included in "Professional fees" litigation and FINRA related expenses of $430,000 and $346,000 for the three months ended June 30, 2017 and 2016 , respectively and $1,229,000 and $799,000 for the nine months ended June 30, 2017 and 2016 , respectively.

NET CAPITAL REQUIREMENTS

NET CAPITAL REQUIREMENTS	9 Months Ended
NET CAPITAL REQUIREMENTS	Jun. 30, 2017
Disclosure Text Block [Abstract]
NET CAPITAL REQUIREMENTS	NET CAPITAL REQUIREMENTS National Securities is subject to the SEC's Uniform Net Capital Rule (Rule 15c3-1) (the "Rule"), which, among other things, requires the maintenance of minimum net capital. At June 30, 2017 , National Securities had net capital of $10,464,721 which was $10,214,721 in excess of its required net capital of $250,000 . National Securities is exempt from the provisions of the SEC's Rule 15c3-3 since it is an introducing broker-dealer that clears all transactions on a fully disclosed basis and promptly transmits all customer funds and securities to clearing brokers. vFinance Investments is also subject to the Rule, which, among other things, requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At June 30, 2017 , vFinance Investments had net capital of $1,534,147 which was $534,147 in excess of its required net capital of $1,000,000 . vFinance Investments' ratio of aggregate indebtedness to net capital was 0.8 to 1 . vFinance Investments is exempt from the provisions of the SEC's Rule 15c3-3 since it is an introducing broker-dealer that clears all transactions on a fully disclosed basis and promptly transmits all customer funds and securities to clearing brokers. Advances, dividend payments and other equity withdrawals from the Company's Broker-Dealer Subsidiaries are restricted by the regulations of the SEC, and other regulatory agencies. These regulatory restrictions may limit the amounts that a subsidiary may dividend or advance to the Company.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY Shares Authorized On January 26, 2017, the stockholders of the Company approved (i) to amend the Company's certificate of incorporation to decrease the number of authorized shares of its common stock from 150,000,000 shares to 75,000,000 shares and (ii) to amend the Company's 2013 Omnibus Incentive Plan to increase the number of shares of its common stock authorized for issuance by 650,000 . Stock Options Information with respect to stock option activity during the nine months ended June 30, 2017 follows: Options Weighted Weighted Weighted Aggregate Outstanding at September 30, 2016 1,221,500 $ 6.51 $ 1.22 3.31 $ — Forfeited (15,500 ) $ 4.42 $ 1.99 $ — Outstanding at June 30, 2017 1,206,000 $ 6.54 $ 1.21 2.54 $ — Vested and exercisable at June 30, 2017 1,206,000 $ 6.54 $ 1.21 2.54 $ — As of September 30, 2016 , all compensation expense associated with the grants of stock options had been recognized. During the three and nine months ended June 30, 2016 , the Company recognized compensation expense of $26,000 and $125,000 , respectively, related to stock options. Warrants The following table summarizes information about warrant activity during the nine months ended June 30, 2017 : Warrants Weighted Weighted Average Remaining Contractual Term Outstanding at Outstanding at September 30, 2016 23,029 $ 5.00 0.75 Issued (Note 19) 12,437,916 $ 3.25 4.56 Forfeited or expired (1,471 ) $ 5.00 Outstanding and exercisable at June 30, 2017 12,459,474 $ 3.25 4.55 Restricted Stock Units In January 2017, the Company granted 625,000 restricted stock units ("RSU") to the Company's Chief Executive Officer. One RSU gives the right to one share of the Company’s common stock. RSUs shall vest as follows: (1) 312,500 shall equally vest in 25% increments on the anniversary date of the grant date over the next four years; (2) 52,083 shall vest based upon the Company first achieving a market capitalization of $75,000,000 for 30 consecutive trading days; 52,083 shall vest based upon the Company first achieving a market capitalization of $100,000,000 for 30 consecutive trading days; 52,084 shall vest based upon the Company first achieving a market capitalization of $150,000,000 for 30 consecutive trading days; and (3) 52,083 shall vest based upon the Company’s EBITDA first being equal to or greater than $10,000,000 at the end of a fiscal year; 52,083 shall vest based upon the Company’s EBITDA first being equal to or greater than $15,000,000 at the end of a fiscal year; 52,084 shall vest based upon the Company’s EBITDA first being equal to or greater than $25,000,000 at the end of a fiscal year. RSUs that vest based on service and performance are measured based on the fair market values of the underlying stock on the date of grant. The Company used a Lattice model to determine the fair value of the RSUs with a market condition. For the three and nine months ended June 30, 2017 , the Company recognized compensation expense of $129,000 and $312,000 , respectively, related to RSUs. At June 30, 2017 , unrecognized compensation with respect to RSUs amounted to $1,150,000 , assuming all performance-based compensation will vest. In July 2017, the Company granted 625,000 RSUs to certain officers and senior managers of which 312,500 shall vest over four years, 156,250 shall vest based on the Company achieving certain performance criteria and 156,250 shall vest based on the Company achieving certain market criteria.

SHARE REPURCHASE

SHARE REPURCHASE	9 Months Ended
SHARE REPURCHASE	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
SHARE REPURCHASE	SHARE REPURCHASE In August 2015, the Company’s Board of Directors authorized the repurchase of up to $2 million of the Company’s common stock. Share repurchases, if any, will be made using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The Company's Board did not stipulate an expiration date for this repurchase and the purchase decisions are at the discretion of the Company's management. During the three and nine months ended June 30, 2017 , the Company did not repurchase any shares. During the nine months ended June 30, 2016 , the Company repurchased 33,933 common shares at a cost of approximately $86,000 .

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company files a consolidated federal income tax return and certain combined state and local income tax returns with its subsidiaries. Income taxes for the three and nine month periods ended June 30, 2017 and 2016 is based on the estimated annual effective tax rate. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The effective tax rate for the three and nine month periods ended June 30, 2017 and 2016 differs from the federal statutory income tax rate principally due to non-deductible expenses, state and local income taxes and non-taxable changes in the fair value of warrants. Further, the three month period in 2017 reflects a cumulation adjustment to reflect a reduction in the estimated annual effective tax rate. At June 30, 2017 , the Company's net deferred tax asset is principally comprised of net operating loss carryforwards. Management believes that is more likely than not that its deferred tax assets will be realized and, accordingly, has not provided a valuation allowance against such amount.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
SEGMENT INFORMATION	Jun. 30, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has two reportable segments. The brokerage and advisory services segment includes broker-dealer and investment advisory services, the sale of insurance products and licensed mortgage brokerage services provided by the Broker-Dealer Subsidiaries, NAM, National Insurance, Prime Financial and GC. The tax and accounting services segment includes tax preparation and accounting services provided by Gilman. The Corporate pre-tax income (loss) consists of certain items that have not been allocated to reportable segments. Segment information for the three and nine months ended June 30, 2017 and 2016 is as follows: Brokerage and Tax and Corporate Total Three Months Ended June 30, 2017 Revenues $ 45,520,000 $ 2,527,000 $ — $ 48,047,000 Pre-tax income (loss) 820,000 596,000 (1,478,000 ) (a) (62,000 ) Assets 46,802,000 3,536,000 14,282,000 (b) 64,620,000 Depreciation and amortization 155,000 44,000 89,000 288,000 Interest 5,000 — — 5,000 Capital expenditures 30,000 7,000 915,000 952,000 2016 Revenues $ 43,956,000 $ 2,386,000 $ — $ 46,342,000 Pre-tax income (loss) 1,741,000 198,000 (2,224,000 ) (c) (285,000 ) Assets 40,798,000 3,006,000 18,469,000 (b) 62,273,000 Depreciation and amortization 185,000 44,000 73,000 302,000 Interest — — 13,000 13,000 Capital expenditures 48,000 — 155,000 203,000 Brokerage and Tax and Corporate Total Nine Months Ended June 30, 2017 Revenues $ 137,973,000 $ 6,527,000 $ — $ 144,500,000 Pre-tax income 7,394,000 983,000 2,909,000 (d) 11,286,000 Assets 46,802,000 3,536,000 14,282,000 (b) 64,620,000 Depreciation and amortization 468,000 137,000 266,000 871,000 Interest 13,000 — — 13,000 Capital expenditures 57,000 71,000 1,178,000 1,306,000 2016 Revenues $ 120,775,000 $ 7,222,000 $ — $ 127,997,000 Pre-tax income (loss) 3,173,000 399,000 (3,885,000 ) (c) (313,000 ) Assets 40,798,000 3,006,000 18,469,000 (b) 62,273,000 Depreciation and amortization 569,000 132,000 197,000 898,000 Interest 1,000 — 15,000 16,000 Capital expenditures 53,000 28,000 389,000 470,000 (a) Consists of fair value loss on warrants and operating expenses not allocated to reportable segments. (b) Consists principally of deferred tax asset. (c) Consists of operating expenses not allocated to reportable segments. (d) Consists of fair value gain on warrants offset by operating expenses not allocated to reportable segments.

ACQUISITION OF CONTROLLING INTE

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY	9 Months Ended
ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY	Jun. 30, 2017
Business Combinations [Abstract]
ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY	BUSINESS COMBINATION, CONTINGENT CONSIDERATION AND DISPOSAL OF BRANCHES Business Combination In October 2016, Gilman acquired certain assets of a tax preparation and accounting business that was deemed to be a business acquisition. The consideration for the transaction consisted of a cash payment at closing of $19,000 and contingent consideration payable in cash having a fair value of $192,000 , for which a liability (included in Accounts payable and accrued expenses) was recognized based on the estimated acquisition date fair value of the potential earn-out. The earn-out is based on revenue, as defined in the acquisition agreement, during the 36 -month period following the closing up to a maximum of $225,600 . The liability was valued using an income-based approach using unobservable inputs (Level 3) and reflects the Company’s own assumptions. The liability will be revalued at each Balance Sheet date with changes therein recorded in earnings. The fair value of the acquired assets was allocated to customer relationships, which is being amortized over three years. Results of operations of the acquired business are included in the accompanying condensed consolidated statements of operations from the date of acquisition and were not material. In addition, based on materiality, pro forma results are not presented. Contingent Consideration Set below are changes in the carrying value of contingent consideration for the nine months ended June 30, 2017 related to acquisitions: Fair value of contingent consideration at September 30, 2016 $ 424,000 Fair value of contingent consideration in connection with above acquisition 192,000 Payments — Change in fair value 21,000 Fair value of contingent consideration at June 30, 2017 $ 637,000 Disposal of Gilman Branches In January 2017, the Company sold two of its Gilman branches for notes in the aggregate principal amounts of $638,000 which, after allocating a portion of goodwill and unamortized intangibles of $305,000 and $203,000 , respectively, resulted in a gain on disposal of $130,000 . Principal and interest on the notes is payable monthly over 83 to 95 months with interest at 3% to 4% per annum. ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY On September 12, 2016, FBIO Acquisition, Inc. (“FBIO Acquisition”), a wholly-owned subsidiary of Fortress, completed a tender offer (the “Offer”) for all outstanding shares of the Company at a price of $3.25 per share, net to the seller in cash (less any required withholding taxes and without interest) (the “Offer Price”), pursuant to the terms of an Agreement and Plan of Merger dated as of April 27, 2016 (as amended, the “Merger Agreement”) among the Company, Fortress and FBIO Acquisition. The Offer expired on September 9, 2016, and a total of 7,037,482 shares were validly tendered and not withdrawn (including shares delivered through notices of guaranteed delivery), representing approximately 56.6% of the Company's issued and outstanding shares of common stock immediately following the completion of the Offer (in each case, without giving effect to the issuance or exercise of the Dividend Warrants). On September 12, 2016, FBIO Acquisition accepted for payment all shares that were validly tendered and not withdrawn prior to the expiration time of the Offer (such time of acceptance, the "Acceptance Time") and delivered payment for such shares. Dividend Warrants In accordance with the Merger Agreement, since less than 80% of the Company's issued and outstanding shares of common stock were tendered, the Company remains a publicly-traded company and stockholders post-tender offer received from the Company a five year warrant per held share to purchase an additional share of the Company's common stock at $3.25 as a dividend to all holders of the Company's common stock. As the Company does not have the ability to settle the warrants with unregistered shares and maintenance of an effective registration statement (which did not exist at September 30, 2016) may be considered outside of the Company’s control, net cash settlement of the warrants is assumed. Accordingly, as the Company was obligated to issue the warrants at September 30, 2016 , and subsequently issued the warrants in January 2017, the fair value of the 12,437,916 warrants are being classified as a liability in the condensed consolidated statement of financial condition at June 30, 2017 and September 30, 2016 . This liability is subject to re-measurement at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in fair value of warrants” in the condensed consolidated statements of operations. As the warrants were registered and trading and the Company maintained an effective registration statement at June 30, 2017 , fair value of the warrants was based on the market price. As of September 30, 2016 , valuation was determined by use of the Black-Scholes option pricing model using the following assumptions: Fiscal Year 2016 Dividend yield 0.00 % Expected volatility 38.20 % Risk-free interest rate 1.14 % Life (in years) 5

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the three and nine months ended June 30, 2017 , Investment Banking revenues include approximately $3,679,000 and $12,260,000 , respectively, of fees related to placement of shares and warrants for Fortress and subsidiaries of Fortress.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
VARIABLE INTEREST ENTITIES	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES The Company has entered into agreements to provide investment banking and advisory services to numerous entities that are variable interest entities ("VIEs") under the accounting guidance. As the fee arrangements under such agreements are arm's-length and contain customary terms and conditions and represent compensation that is considered fair value for the services provided, the fee arrangements are not considered variable interests and accordingly, the Company does not consolidate such VIEs. Fees attributable to such arrangements for the three months ended June 30, 2017 and 2016 were $6,071,000 and $6,283,000 , respectively. Fees attributable to such arrangements for the nine months ended June 30, 2017 and 2016 were $14,033,000 and $13,335,000 , respectively.

NEW ACCOUNTING GUIDANCE (Polici

NEW ACCOUNTING GUIDANCE (Policies)	9 Months Ended
NEW ACCOUNTING GUIDANCE (Policies)	Jun. 30, 2017
Accounting Policies [Abstract]
New Accounting Guidance	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts With Customers (Topic 606) which creates a single, principle-based model for revenue recognition and expands and improves disclosures about revenue. The new guidance is effective for the Company beginning October 1, 2018, and must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. The Company is currently evaluating the potential impact of this standard on its financial statements which, (1) for investment banking advisory arrangements may change the timing of revenue recognition depending on the number and nature of the performance obligations identified, (2) for underwriting expenses and costs of advisory services and related reimbursement revenue may need to be recognized on a gross basis, and (3) for costs to obtain a contract may need to be capitalized, amortized and reviewed regularly for impairment. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for the Company beginning October 1, 2019 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently assessing the impact that the adoption of ASU 2016-02 will have on its financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for the Company beginning October 1, 2017 for both interim and annual reporting periods. The Company is currently assessing the impact that the adoption of ASU 2016-09 will have on its financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments”. ASU 2016-15 reduces the diversity of how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The ASU should be applied retrospectively to all periods presented. The Company does not anticipate that the adoption of ASU 2016-15 will have a material impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) - Restricted Cash”. ASU 2016-18 reduces the diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The statement requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The ASU should be applied retrospectively to all periods presented. The Company is currently assessing the impact that the adoption of ASU 2016-18 will have on its financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this Update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. The Company is currently assessing the impact that the adoption of ASU 2017-01 will have on its financial statements. In January 2017, FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment", which eliminates the second step of the previous FASB guidance for testing goodwill for impairment and is intended to reduce cost and complexity of goodwill impairment testing. The standard is effective for the Company beginning October 1, 2020 for both interim and annual periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact that the adoption of ASU 2017-04 will have on its financial statements. In May 2017, the FASB issued ASU 2017-09, “Scope of Modification Accounting”. This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The Company is currently assessing the impact that the adoption of ASU 2017-09 will have on its financial statements.

FORGIVABLE LOANS RECEIVABLE (Ta

FORGIVABLE LOANS RECEIVABLE (Tables)	9 Months Ended
FORGIVABLE LOANS RECEIVABLE (Tables)	Jun. 30, 2017
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Forgivable Loan Activity	Forgivable loan activity for the nine months ended June 30, 2017 is as follows: Balance, October 1, 2016 $ 1,712,000 Additions 77,000 Amortization (520,000 ) Balance, June 30, 2017 $ 1,269,000

FAIR VALUE OF ASSETS AND LIAB30

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	9 Months Ended
FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	Jun. 30, 2017
Schedule of Investments [Abstract]
Carrying Values, Estimated Fair Values, and Fair Value Hierarchy of Financial Assets and Liabilities Measured on a Recurring Basis	The following tables present the carrying values and estimated fair values at June 30, 2017 and September 30, 2016 of financial assets and liabilities, excluding financial instruments that are carried at fair value on a recurring basis, and information is provided on their classification within the fair value hierarchy. Such instruments are carried at amounts that approximate fair value due to their short-term nature and generally negligible credit risk. June 30, 2017 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash $ 28,205,000 $ 28,205,000 $ — $ 28,205,000 Cash deposits with clearing organizations 1,040,000 1,040,000 — 1,040,000 Receivables from broker-dealers and clearing organizations 2,786,000 — 2,786,000 2,786,000 Forgivable loans receivable (1) 1,269,000 — 1,269,000 1,269,000 Other Receivables, Net 4,748,000 — 4,748,000 4,748,000 $ 38,048,000 $ 29,245,000 $ 8,803,000 $ 38,048,000 Liabilities Accrued commissions and payroll payable 11,255,000 — 11,255,000 11,255,000 Accounts payable and accrued expenses (2) 7,871,000 — 7,871,000 7,871,000 $ 19,126,000 $ — $ 19,126,000 $ 19,126,000 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $637,000 . September 30, 2016 Assets Carrying Value Level 1 Level 2 Total Estimated Fair Value Cash $ 21,694,000 $ 21,694,000 $ — $ 21,694,000 Cash deposits with clearing organizations 1,030,000 1,030,000 — 1,030,000 Receivables from broker-dealers and clearing organizations 3,357,000 — 3,357,000 3,357,000 Forgivable loans receivable (1) 1,712,000 — 1,712,000 1,712,000 Other Receivables, Net 5,430,000 — 5,430,000 5,430,000 $ 33,223,000 $ 22,724,000 $ 10,499,000 $ 33,223,000 Liabilities Accrued commissions and payroll payable 11,940,000 — 11,940,000 11,940,000 Accounts payable and accrued expenses (2) 6,742,000 — 6,742,000 6,742,000 $ 18,682,000 $ — $ 18,682,000 $ 18,682,000 (1) Carrying value approximates fair value, which is determined based on a valuation technique to convert future cash payments or forgiveness transactions to a single discounted preset value amount. (2) Excludes contingent consideration liabilities of $424,000 . The following tables present the financial assets and liabilities measured at fair value on a recurring basis at June 30, 2017 and September 30, 2016 : June 30, 2017 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Corporate stocks $ 70,000 $ 70,000 $ — $ — $ 70,000 Municipal bonds 1,333,000 816,000 517,000 — 1,333,000 Restricted stock 192,000 — 192,000 — 192,000 $ 1,595,000 $ 886,000 $ 709,000 $ — $ 1,595,000 Liabilities Contingent consideration 637,000 — — 637,000 637,000 Warrants issued 8,832,000 — 8,832,000 — 8,832,000 $ 9,469,000 $ — $ 8,832,000 $ 637,000 $ 9,469,000 September 30, 2016 Assets Carrying Value Level 1 Level 2 Level 3 Total Estimated Fair Value Corporate stocks $ 101,000 $ 101,000 $ — $ — $ 101,000 Municipal bonds 2,111,000 2,111,000 — — 2,111,000 Restricted stock 145,000 — 145,000 — 145,000 $ 2,357,000 $ 2,212,000 $ 145,000 $ — $ 2,357,000 Liabilities Contingent consideration 424,000 — — 424,000 424,000 Warrants issuable 14,055,000 — 14,055,000 — 14,055,000 Corporate stocks 298,000 298,000 — — 298,000 $ 14,777,000 $ 298,000 $ 14,055,000 $ 424,000 $ 14,777,000

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	9 Months Ended
FIXED ASSETS (Tables)	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed assets as of June 30, 2017 and September 30, 2016 consist of the following: June 30, September 30, Estimated Useful Lives Equipment and software $ 1,741,000 $ 1,036,000 5 Furniture and fixtures 338,000 163,000 5 Leasehold improvements 1,079,000 653,000 Lesser of useful Capital leases (primarily composed of computer equipment) 739,000 739,000 5 3,897,000 2,591,000 Less accumulated depreciation and amortization (1,705,000 ) (1,427,000 ) Fixed assets – net $ 2,192,000 $ 1,164,000

BUSINESS COMBINATION, CONTING32

BUSINESS COMBINATION, CONTINGENT CONSIDERATION AND DISPOSAL OF BRANCHES (Tables)	9 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Changes in the Carrying Value in Contingent Consideration	Set below are changes in the carrying value of contingent consideration for the nine months ended June 30, 2017 related to acquisitions: Fair value of contingent consideration at September 30, 2016 $ 424,000 Fair value of contingent consideration in connection with above acquisition 192,000 Payments — Change in fair value 21,000 Fair value of contingent consideration at June 30, 2017 $ 637,000

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
INTANGIBLE ASSETS (Tables)	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	Intangibles consisted of the following at June 30, 2017 and September 30, 2016 : June 30, 2017 Intangible asset Cost Accumulated Amortization Carrying Value Estimated Customer relationships $ 6,867,000 $ 2,508,000 $ 4,359,000 3-10 Non-compete 296,000 296,000 — 2 Gilman brand name 760,000 — 760,000 Indefinite $ 7,923,000 $ 2,804,000 $ 5,119,000 September 30, 2016 Intangible asset Cost Accumulated Amortization Carrying Value Estimated Customer relationships $ 6,969,000 $ 2,025,000 $ 4,944,000 7-10 Non-compete 296,000 296,000 — 2 Gilman brand name 760,000 — 760,000 Indefinite $ 8,025,000 $ 2,321,000 $ 5,704,000
Estimated Future Amortization Expense	The estimated future amortization expense of the finite lived intangible assets for the next five fiscal years and thereafter is as follows: Year ending Three months ending September 30, 2017 $ 197,000 2018 790,000 2019 790,000 2020 719,000 2021 719,000 Thereafter 1,144,000 Total $ 4,359,000

ACCOUNTS PAYABLE AND ACCRUED 34

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Jun. 30, 2017
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses as of June 30, 2017 and September 30, 2016 consist of the following: June 30, September 30, Legal $ 836,000 $ 1,346,000 Audit 148,000 198,000 Telecommunications 196,000 209,000 Data services 450,000 425,000 Regulatory 661,000 444,000 Settlements 2,633,000 832,000 Contingent consideration payable 636,000 424,000 Deferred rent 177,000 65,000 Income taxes payable 927,000 — Other 1,844,000 3,223,000 Total $ 8,508,000 $ 7,166,000

PER SHARE DATA (Tables)

PER SHARE DATA (Tables)	9 Months Ended
PER SHARE DATA (Tables)	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Common Shares	A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Month Period Ended June 30, Nine Month Period Ended June 30, 2017 2016 2017 2016 Basic weighted-average shares 12,437,916 12,440,035 12,437,916 12,442,059 Effect of dilutive securities: Options — — 186 — Unvested restricted stock units — — 21,732 — Warrants — — — — Diluted weighted-average shares 12,437,916 12,440,035 12,459,834 12,442,059
Potential Common Share Equivalents Excluded from Diluted Computation	The following potential common share equivalents are not included in the above diluted computation because to do so would be anti-dilutive as the instruments are out of the money: Three Month Period Ended June 30, Nine Month Period Ended June 30, 2017 2016 2017 2016 Options 1,206,000 1,224,500 1,207,333 1,311,167 Warrants 12,459,474 (a) 43,116 8,313,502 (a) 43,116 Restricted stock units 312,500 — — — 13,977,974 1,267,616 9,520,835 1,354,283

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments	The Company leases office space in various states expiring at various dates through October 2026, and as of June 30, 2017 , is committed under operating leases for future minimum lease payments as follows: Fiscal Year Ending Lease Payments Three months ending September 30, 2017 $ 711,000 2018 3,138,000 2019 2,634,000 2020 2,415,000 2021 2,096,000 Thereafter 5,855,000 $ 16,849,000

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Activity	Information with respect to stock option activity during the nine months ended June 30, 2017 follows: Options Weighted Weighted Weighted Aggregate Outstanding at September 30, 2016 1,221,500 $ 6.51 $ 1.22 3.31 $ — Forfeited (15,500 ) $ 4.42 $ 1.99 $ — Outstanding at June 30, 2017 1,206,000 $ 6.54 $ 1.21 2.54 $ — Vested and exercisable at June 30, 2017 1,206,000 $ 6.54 $ 1.21 2.54 $ —
Warrant Activity	The following table summarizes information about warrant activity during the nine months ended June 30, 2017 : Warrants Weighted Weighted Average Remaining Contractual Term Outstanding at Outstanding at September 30, 2016 23,029 $ 5.00 0.75 Issued (Note 19) 12,437,916 $ 3.25 4.56 Forfeited or expired (1,471 ) $ 5.00 Outstanding and exercisable at June 30, 2017 12,459,474 $ 3.25 4.55

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
SEGMENT INFORMATION (Tables)	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Information	Segment information for the three and nine months ended June 30, 2017 and 2016 is as follows: Brokerage and Tax and Corporate Total Three Months Ended June 30, 2017 Revenues $ 45,520,000 $ 2,527,000 $ — $ 48,047,000 Pre-tax income (loss) 820,000 596,000 (1,478,000 ) (a) (62,000 ) Assets 46,802,000 3,536,000 14,282,000 (b) 64,620,000 Depreciation and amortization 155,000 44,000 89,000 288,000 Interest 5,000 — — 5,000 Capital expenditures 30,000 7,000 915,000 952,000 2016 Revenues $ 43,956,000 $ 2,386,000 $ — $ 46,342,000 Pre-tax income (loss) 1,741,000 198,000 (2,224,000 ) (c) (285,000 ) Assets 40,798,000 3,006,000 18,469,000 (b) 62,273,000 Depreciation and amortization 185,000 44,000 73,000 302,000 Interest — — 13,000 13,000 Capital expenditures 48,000 — 155,000 203,000 Brokerage and Tax and Corporate Total Nine Months Ended June 30, 2017 Revenues $ 137,973,000 $ 6,527,000 $ — $ 144,500,000 Pre-tax income 7,394,000 983,000 2,909,000 (d) 11,286,000 Assets 46,802,000 3,536,000 14,282,000 (b) 64,620,000 Depreciation and amortization 468,000 137,000 266,000 871,000 Interest 13,000 — — 13,000 Capital expenditures 57,000 71,000 1,178,000 1,306,000 2016 Revenues $ 120,775,000 $ 7,222,000 $ — $ 127,997,000 Pre-tax income (loss) 3,173,000 399,000 (3,885,000 ) (c) (313,000 ) Assets 40,798,000 3,006,000 18,469,000 (b) 62,273,000 Depreciation and amortization 569,000 132,000 197,000 898,000 Interest 1,000 — 15,000 16,000 Capital expenditures 53,000 28,000 389,000 470,000 (a) Consists of fair value loss on warrants and operating expenses not allocated to reportable segments. (b) Consists principally of deferred tax asset. (c) Consists of operating expenses not allocated to reportable segments. (d) Consists of fair value gain on warrants offset by operating expenses not allocated to reportable segments.

ACQUISITION OF CONTROLLING IN39

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY (Tables)	9 Months Ended
ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY (Tables)	Jun. 30, 2017
Business Combinations [Abstract]
Valuation Assumptions	As of September 30, 2016 , valuation was determined by use of the Black-Scholes option pricing model using the following assumptions: Fiscal Year 2016 Dividend yield 0.00 % Expected volatility 38.20 % Risk-free interest rate 1.14 % Life (in years) 5

RECEIVEABLES FROM BROKER-DEAL40

RECEIVEABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2017USD ($)branch	Sep. 30, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from broker-dealers and clearing organizations	$ 2,786	$ 3,357
Other receivables, net	$ 4,748	5,430
Number of branches sold \| branch	2
Trailing Fees
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables, net	$ 1,196	1,250
Tax and Accounting Services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables, net	546	864
Allowance for doubtful other receivables	307	581
Advances to Registered Representatives
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables, net	889	918
Allowance for doubtful other receivables	154	154
Investment Banking
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables, net	773	1,877
Advisory Fees
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables, net	486	$ 597
Notes Receivable, Gilman Branch Divestiture
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables, net	$ 613

FORGIVABLE LOANS RECEIVABLE - N

FORGIVABLE LOANS RECEIVABLE - Narrative (Details) - USD ($)	9 Months Ended
FORGIVABLE LOANS RECEIVABLE - Narrative (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forgiveness of loans balance	$ 520,000	$ 493,000
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0		$ 0
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate (as a percent)	9.00%

FORGIVABLE LOANS RECEIVABLE - F

FORGIVABLE LOANS RECEIVABLE - Forgivable Loan Activity (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2017USD ($)
Forgivable Loan Activity [Roll Forward]
Beginning balance	$ 1,712
Additions	77
Amortization	(520)
Ending balance	$ 1,269

FAIR VALUE OF ASSETS AND LIAB43

FAIR VALUE OF ASSETS AND LIABILITIES - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Liabilities
Contingent consideration liability	$ 637	$ 424
Fair Value, Measurements, Nonrecurring \| Carrying Value
Assets
Receivables from broker-dealers and clearing organizations	2,786	3,357
Forgivable loans receivable	1,269	1,712
Other Receivables, Net	4,748	5,430
Total assets, excluding financial instruments	38,048	33,223
Liabilities
Accrued commissions and payroll payable	11,255	11,940
Accounts payable and accrued expenses	7,871	6,742
Total liabilities, excluding financial instruments	19,126	18,682
Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value
Assets
Receivables from broker-dealers and clearing organizations	2,786	3,357
Forgivable loans receivable	1,269	1,712
Other Receivables, Net	4,748	5,430
Total assets, excluding financial instruments	38,048	33,223
Liabilities
Accrued commissions and payroll payable	11,255	11,940
Accounts payable and accrued expenses	7,871	6,742
Total liabilities, excluding financial instruments	19,126	18,682
Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value \| Level 1
Assets
Receivables from broker-dealers and clearing organizations	0	0
Forgivable loans receivable	0	0
Other Receivables, Net	0	0
Total assets, excluding financial instruments	29,245	22,724
Liabilities
Accrued commissions and payroll payable	0	0
Accounts payable and accrued expenses	0	0
Total liabilities, excluding financial instruments	0	0
Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value \| Level 2
Assets
Receivables from broker-dealers and clearing organizations	2,786	3,357
Forgivable loans receivable	1,269	1,712
Other Receivables, Net	4,748	5,430
Total assets, excluding financial instruments	8,803	10,499
Liabilities
Accrued commissions and payroll payable	11,255	11,940
Accounts payable and accrued expenses	7,871	6,742
Total liabilities, excluding financial instruments	19,126	18,682
Cash \| Fair Value, Measurements, Nonrecurring \| Carrying Value
Assets
Cash and cash equivalents	28,205	21,694
Cash \| Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value
Assets
Cash and cash equivalents	28,205	21,694
Cash \| Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value \| Level 1
Assets
Cash and cash equivalents	28,205	21,694
Cash \| Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value \| Level 2
Assets
Cash and cash equivalents	0	0
Cash deposits with clearing organizations \| Fair Value, Measurements, Nonrecurring \| Carrying Value
Assets
Cash and cash equivalents	1,040	1,030
Cash deposits with clearing organizations \| Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value
Assets
Cash and cash equivalents	1,040	1,030
Cash deposits with clearing organizations \| Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value \| Level 1
Assets
Cash and cash equivalents	1,040	1,030
Cash deposits with clearing organizations \| Fair Value, Measurements, Nonrecurring \| Total Estimated Fair Value \| Level 2
Assets
Cash and cash equivalents	$ 0	$ 0

FAIR VALUE OF ASSETS AND LIAB44

FAIR VALUE OF ASSETS AND LIABILITIES - Fair Value Hierarchy of Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 886	$ 2,212
Liabilities	0	298
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	709	145
Liabilities	8,832	14,055
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Liabilities	637	424
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,595	2,357
Liabilities	9,469	14,777
Total Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,595	2,357
Liabilities	9,469	14,777
Contingent consideration \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Contingent consideration \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Contingent consideration \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	637	424
Contingent consideration \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	637	424
Contingent consideration \| Total Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	637	424
Warrants issued \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Warrants issued \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	8,832	14,055
Warrants issued \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	0	0
Warrants issued \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	8,832	14,055
Warrants issued \| Total Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	8,832	14,055
Corporate stocks \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		298
Corporate stocks \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		0
Corporate stocks \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		0
Corporate stocks \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		298
Corporate stocks \| Total Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities		298
Corporate stocks \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	70	101
Corporate stocks \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Corporate stocks \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Corporate stocks \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	70	101
Corporate stocks \| Total Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	70	101
Municipal bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	816	2,111
Municipal bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	517	0
Municipal bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Municipal bonds \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,333	2,111
Municipal bonds \| Total Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,333	2,111
Restricted stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Restricted stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	192	145
Restricted stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0	0
Restricted stock \| Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	192	145
Restricted stock \| Total Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 192	$ 145

FIXED ASSETS - Fixed Assets (De

FIXED ASSETS - Fixed Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	$ 3,897	$ 2,591
Less accumulated depreciation and amortization	(1,705)	(1,427)
Fixed assets – net	2,192	1,164
Equipment and software
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	$ 1,741	1,036
Estimated Useful Lives	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	$ 338	163
Estimated Useful Lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	$ 1,079	653
Capital leases (primarily composed of computer equipment)
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment	$ 739	$ 739
Estimated Useful Lives	5 years

FIXED ASSETS - Narrative (Detai

FIXED ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
FIXED ASSETS - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 91	$ 122	$ 278	$ 345

BUSINESS COMBINATION, CONTING47

BUSINESS COMBINATION, CONTINGENT CONSIDERATION AND DISPOSAL OF BRANCHES - Narrative (Details)	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2017USD ($)branch	Oct. 31, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)branch	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Business Acquisition [Line Items]
Payments to acquire business					$ 19,000	$ 0
Contingent consideration liability			$ 637,000		$ 637,000		$ 424,000
Earn-out period, maximum revenue		$ 225,600
Estimated useful life					3 years
Number of branches sold \| branch					2
Gain on disposal of Gilman branches			$ 0	$ 0	$ 130,000	$ 0
Maximum
Business Acquisition [Line Items]
Interest rate (as a percent)					9.00%
Gilman Branches
Business Acquisition [Line Items]
Number of branches sold \| branch	2
Consideration for divestiture, notes receivable	$ 638,000
Disposal of goodwill	305,000
Disposal of intangible assets	203,000
Gain on disposal of Gilman branches	$ 130,000
Gilman Branches \| Minimum
Business Acquisition [Line Items]
Notes receivable term	83 months
Interest rate (as a percent)	3.00%
Gilman Branches \| Maximum
Business Acquisition [Line Items]
Notes receivable term	95 months
Interest rate (as a percent)	4.00%
Certain Assets of a Tax Preparation and Accounting Business
Business Acquisition [Line Items]
Payments to acquire business		19,000
Contingent consideration liability		$ 192,000
Earn-out period for which the contingent liability is derived		36 months

BUSINESS COMBINATION, CONTING48

BUSINESS COMBINATION, CONTINGENT CONSIDERATION AND DISPOSAL OF BRANCHES - Changes in the Carrying Value in Contingent Consideration (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2017USD ($)
Contingent Consideration [Roll Forward]
Fair value of contingent consideration, beginning balance	$ 424
Fair value of contingent consideration in connection with acquisition	192
Payments	0
Change in fair value	21
Fair value of contingent consideration, ending balance	$ 637

INTANGIBLE ASSETS - Intangibles

INTANGIBLE ASSETS - Intangibles (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 7,923	$ 8,025
Accumulated Amortization	2,804	2,321
Carrying Value	$ 5,119	5,704
Estimated Useful Life (years)	3 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 6,867	6,969
Accumulated Amortization	2,508	2,025
Carrying Value	$ 4,359	$ 4,944
Customer relationships \| Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	3 years	7 years
Customer relationships \| Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years	10 years
Non-compete
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 296	$ 296
Accumulated Amortization	296	296
Carrying Value	$ 0	$ 0
Estimated Useful Life (years)	2 years	2 years
Gilman brand name
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 760	$ 760
Accumulated Amortization	0	0
Carrying Value	$ 760	$ 760

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 197	$ 180	$ 593	$ 553

INTANGIBLE ASSETS - Estimated F

INTANGIBLE ASSETS - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Year ending September 30,
Carrying Value	$ 5,119	$ 5,704
Gilman
Year ending September 30,
Three months ending September 30, 2017	197
2,018	790
2,019	790
2,020	719
2,021	719
Thereafter	1,144
Carrying Value	$ 4,359

ACCOUNTS PAYABLE AND ACCRUED 52

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Payables and Accruals [Abstract]
Legal	$ 836	$ 1,346
Audit	148	198
Telecommunications	196	209
Data services	450	425
Regulatory	661	444
Settlements	2,633	832
Contingent consideration payable	636	424
Deferred rent	177	65
Income taxes payable	927	0
Other	1,844	3,223
Total	$ 8,508	$ 7,166

PER SHARE DATA - Reconciliation

PER SHARE DATA - Reconciliation of Basic and Diluted Common Shares (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted-average shares	12,437,916	12,440,035	12,437,916	12,442,059
Diluted weighted-average shares	12,437,916	12,440,035	12,459,834	12,442,059
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities	0	0	186	0
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities	0	0	21,732	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities	0	0	0	0

PER SHARE DATA - Potential Comm

PER SHARE DATA - Potential Common Share Equivalents Excluded from Diluted Computation (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	13,977,974	1,267,616	9,520,835	1,354,283
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	1,206,000	1,224,500	1,207,333	1,311,167
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	12,459,474	43,116	8,313,502	43,116
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	312,500	0	0	0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2017USD ($)
Lease Payments
Three months ending September 30, 2017	$ 711
2,018	3,138
2,019	2,634
2,020	2,415
2,021	2,096
Thereafter	5,855
Total	$ 16,849

COMMITMENTS AND CONTINGENCIES56

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	3 Months Ended		9 Months Ended
COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Letter_of_credit	Jun. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Loss Contingencies [Line Items]
Rent expense	$ 929,000	$ 961,000	$ 2,854,000	$ 2,880,000
Sublease income	2,000	35,000	77,000	106,000
Pending Litigation \| Other Administrative Expense
Loss Contingencies [Line Items]
Estimated loss expense	2,326,000	362,000	3,322,000	525,000
Pending Litigation \| Professional Fees
Loss Contingencies [Line Items]
Legal fees	430,000	$ 346,000	1,229,000	$ 799,000
Pending Litigation \| Accounts Payable and Other Liabilities
Loss Contingencies [Line Items]
Estimate of possible loss	2,633,000		$ 2,633,000		$ 832,000
Letter of Credit
Loss Contingencies [Line Items]
Number of letters of credit, outstanding \| Letter_of_credit			3
Maximum borrowing capacity	$ 1,380,000		$ 1,380,000

NET CAPITAL REQUIREMENTS (Detai

NET CAPITAL REQUIREMENTS (Details)	Jun. 30, 2017USD ($)
National Securities
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Net capital	$ 10,464,721
Alternative excess net capital	10,214,721
National Securities \| SEC Requirement
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum net capital required	250,000
vFinance Investments
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Net capital	1,534,147
Alternative excess net capital	$ 534,147
Ratio of indebtedness to net capital	0.8
vFinance Investments \| Maximum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Ratio of indebtedness to net capital	15
vFinance Investments \| SEC Requirement
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum net capital required	$ 1,000,000

STOCKHOLDERS' EQUITY - Stock Op

STOCKHOLDERS' EQUITY - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Options
Beginning balance (in shares)	1,221,500
Forfeited (in shares)	(15,500)
Ending balance (in shares)	1,206,000	1,221,500
Vested and exercisable balance (in shares)	1,206,000
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 6.51
Forfeited (in dollars per share)	4.42
Ending balance (in dollars per share)	6.54	$ 6.51
Vested and exercisable balance (in dollars per share)	6.54
Weighted Average Grant- Date Fair Value Per Share
Outstanding balance (in dollars per share)	1.21	$ 1.22
Forfeited (in dollars per share)	1.99
Vested and exercisable balance (in dollars per share)	$ 1.21
Weighted Average Remaining Contractual term (years)
Balance outstanding	2 years 6 months 15 days	3 years 3 months 22 days
Forfeited
Vested and exercisable balance	2 years 6 months 15 days
Aggregate Intrinsic Value
Balance outstanding	$ 0	$ 0
Forfeited	0
Vested and exercisable balance	$ 0

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details)	Jan. 26, 2017shares	Jul. 31, 2017shares	Jan. 31, 2017USD ($)shares	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)	Jan. 25, 2017shares	Sep. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares)	75,000,000			75,000,000		75,000,000		150,000,000	150,000,000
Restricted stock to common shares conversion ratio			1
Shares vesting in four equal increments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vesting each year of vesting period (as a percent)			25.00%
Vesting period			4 years
Shares vesting upon reaching market capitalization of $75 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum market capitalization required for vesting \| $			$ 75,000,000
Consecutive days minimum market capitalization is required for vesting			30 days
Shares vesting upon reaching market capitalization of $100 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)			52,083
Minimum market capitalization required for vesting \| $			$ 100,000,000
Consecutive days minimum market capitalization is required for vesting			30 days
Shares vesting upon reaching market capitalization of $150 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum market capitalization required for vesting \| $			$ 150,000,000
Consecutive days minimum market capitalization is required for vesting			30 days
Shares vesting upon EBITDA reaching $10 million or greater
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum EBITDA required for vesting \| $			$ 10,000,000
Shares vesting upon EBITDA reaching $15 million or greater
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum EBITDA required for vesting \| $			15,000,000
Shares vesting upon EBITDA reaching $20 million or greater
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum EBITDA required for vesting \| $			$ 25,000,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense \| $					$ 26,000		$ 125,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense \| $				$ 129,000		$ 312,000
Shares granted (in shares)			625,000
Unrecognized share based compensation \| $				$ 1,150,000		$ 1,150,000
Restricted Stock Units (RSUs) \| Shares vesting in four equal increments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)			312,500
Restricted Stock Units (RSUs) \| Shares vesting upon reaching market capitalization of $75 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)			52,083
Restricted Stock Units (RSUs) \| Shares vesting upon reaching market capitalization of $150 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)			52,084
Restricted Stock Units (RSUs) \| Shares vesting upon EBITDA reaching $10 million or greater
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)			52,083
Restricted Stock Units (RSUs) \| Shares vesting upon EBITDA reaching $15 million or greater
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)			52,083
Restricted Stock Units (RSUs) \| Shares vesting upon EBITDA reaching $20 million or greater
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)			52,084
2013 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized for incentive plan	650,000
Subsequent Event \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		625,000
Vesting period		4 years
Subsequent Event \| Restricted Stock Units (RSUs) \| Shares vesting in four equal increments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)		312,500
Subsequent Event \| Restricted Stock Units (RSUs) \| Shares vesting upon reaching market capitalization of $75 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)		156,250
Subsequent Event \| Restricted Stock Units (RSUs) \| Shares vesting upon reaching market capitalization of $100 million
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested shares expected to vest in future periods (in shares)		156,250

STOCKHOLDERS' EQUITY - Warrant

STOCKHOLDERS' EQUITY - Warrant Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Weighted Average Remaining Contractual Term
Issued	4 years 6 months 22 days
Warrants
Warrants
Beginning balance (in shares)	23,029
Issued (in shares)	12,437,916
Forfeited or expired (in shares)	(1,471)
Ending balance (in shares)	12,459,474	23,029
Weighted Average Exercise Price Per Share
Balance (in dollars per share)	$ 3.25	$ 5
Issued (in dollars per share)	3.25
Forfeited or expired (in dollars per share)	$ 5
Weighted Average Remaining Contractual Term
Balance outstanding	4 years 6 months 18 days	9 months

SHARE REPURCHASE (Details)

SHARE REPURCHASE (Details) - USD ($)	3 Months Ended	9 Months Ended
SHARE REPURCHASE (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Aug. 31, 2015
Stockholders' Equity Note [Abstract]
Authorized amount of repurchase plan, maximum				$ 2,000,000
Number of shares repurchased (in shares)			33,933
Value of shares repurchased	$ 0	$ 0	$ 86,000

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2017segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Segment I

SEGMENT INFORMATION - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 48,047	$ 46,342	$ 144,500	$ 127,997
Pre-tax income (loss)	(62)	(285)	11,286	(313)
Assets	64,620	62,273	64,620	62,273	$ 60,546
Depreciation and amortization	288	302	871	898
Interest	5	13	13	16
Capital expenditures	952	203	1,306	470
Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Pre-tax income (loss)	(1,478)	(2,224)	2,909	(3,885)
Assets	14,282	18,469	14,282	18,469
Depreciation and amortization	89	73	266	197
Interest	0	13	0	15
Capital expenditures	915	155	1,178	389
Brokerage and Advisory Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	45,520	43,956	137,973	120,775
Pre-tax income (loss)	820	1,741	7,394	3,173
Assets	46,802	40,798	46,802	40,798
Depreciation and amortization	155	185	468	569
Interest	5	0	13	1
Capital expenditures	30	48	57	53
Tax and Accounting Services \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,527	2,386	6,527	7,222
Pre-tax income (loss)	596	198	983	399
Assets	3,536	3,006	3,536	3,006
Depreciation and amortization	44	44	137	132
Interest	0	0	0	0
Capital expenditures	$ 7	$ 0	$ 71	$ 28

ACQUISITION OF CONTROLLING IN64

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY - Narrative (Details) - FBIO Acquisitions Inc. - $ / shares	Sep. 12, 2016	Jan. 31, 2017	Jun. 30, 2017
Common Stock
Business Acquisition [Line Items]
Warrant, term of contract			5 years
Exercise price of warrants (in dollars per share)			$ 3.25
National Holdings Corp
Business Acquisition [Line Items]
Percentage of stock owned by aquiree required to become a privately held company, minimum (as a percent)	80.00%
National Holdings Corp \| Common Stock
Business Acquisition [Line Items]
Share price for acquisition (in dollars per share)	$ 3.25
Number of shares tendered (in shares)	7,037,482
Percentage of voting interests acquired (as a percent)	56.60%
Warrants \| Common Stock
Business Acquisition [Line Items]
Warrants issued (in shares)		12,437,916

ACQUISITION OF CONTROLLING IN65

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY - Valuation Assumptions (Details)	12 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Dividend yield	0.00%
Expected volatility	38.20%
Risk-free interest rate	1.14%
Life (in years)	5 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Related Party Transactions [Abstract]
Revenue from placement agent fees	$ 3,679	$ 12,260

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Variable Interest Entities
Variable Interest Entity [Line Items]
Investment banking and advisory fee revenue	$ 6,071	$ 6,283	$ 14,033	$ 13,335