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According to the SEC complaint, the defendants would raise funds from clients without investing them, and would often use them to pay for personal expenses.
Despite raising capital from investors for six years, Fraud Guarantee never developed any insurance products or sold policies to investors and never generated any revenue, according to the SEC.
The rule is based off a model designed by the National Association for Insurance Commissioners that was intended to align with the SEC's Regulation Best Interest.
A lot can be learned listening to clients’ experiences working with financial advisors—good and bad. We talked to Paul Oakley, who runs Tiny Mighty Communications, a Nashville, Tenn., strategic communications consultancy.