Phillip W. Conley could face up to 20 years in prison for portraying himself as an investment advisor to raise funds from about 18 victims, according to the Justice Department.
Despite the impacts of the pandemic, the RIA channel reported a record number of advisory firms and assets under management per advisor, according to an Investment Adviser Association report.
The commission argued Crown Capital Securities recommended higher-fee funds to clients without disclosure and failed to self-report these conflicts to the SEC.
The firm is the latest charged with failing to oversee reps who recommended early rollovers of unit investment trusts (UITs) that left clients saddled with higher sales charges.
The Institute for the Fiduciary Standard released its alternate version of the disclosure document, arguing more was needed to draw the distinction between investment advisors and broker/dealers.
According to the regulatory agency, the California-based broker/dealer failed 'to establish and maintain a reasonably designed supervisory system' on the sale of variable universal life insurance contracts and mutual...
The state joins more than a dozen others that have finalized rules based off the model created and passed last year by the National Association of Insurance Commissioners.
According to the commission, Ramiro Jose Sugranes ran a scheme to siphon profitable trades into accounts held by close relatives, with unprofitable trades left to other clients, leading to more than $5 million in losses.
