Mass. Advisor Charged for Putting Clients Into Turkish Investment ScamMass. Advisor Charged for Putting Clients Into Turkish Investment Scam

An East Longmeadow, Mass.-based investment advisor, formerly with Ausdal Financial Partners, is in hot water with the Securities and Exchange Commission after selling over $300,000 worth of client assets into a Turkish investment gone bad.

The SEC has charged Richard G. Duncan with fraud, claiming two banks warned the advisor that the Turkish investment was probably a scam. He failed to disclose those warnings to clients, and in fact ignored them, while also promising 100% return on investment on the product, according to the SEC.

Ausdal Financial Partners, a corporate registered investment advisor, discharged Duncan in March, citing his failure to follow firm policies on loans with clients and lack of timely notice of a break-in at his branch office.

Ausdal spokesman John Hicks declined to comment. 

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