According to the commission, Donald Anthony Wright made false statements when selling promissory notes to clients to fund the purchase of a Texas-based media marketing company.
For an upfront purchase price of $50 million, the deal brings $47 billion of assets in the emerging and mid-market retirement plan segments and competitive ESOP administration.
One obstacle retail investors face is a lack of appropriate recommendations from their financial advisors, according to the FTSE Russell Wealth Survey.
The firm has 10 products spanning credit, real assets, infrastructure and equity, and has added about 200 people who work in wealth over the last five years.