In a constant fight over control of clients, the financial advice industry has a long history of such allegations and disputes.
Alternative ETFs are on a tear this year, with Morningstar reporting $10.7 billion of net inflows through July. This comes as some semiliquid alternative funds, particularly private credit, struggle
It’s the second tech-triggered sell-off in financial advice and wealth management firms this year.
Texas securities regulators initially accused Lasater RE Fund of fraud in June but later dropped those claims.
The products in question were a mix of sophisticated, complex and potentially volatile offerings.
Edwin Lickiss earlier admitted that he defrauded at least 93 victims of over $9.5 million from 1998 through 2024.
Morgan Stanley is one of the leading wealth management companies in the country.
Michael C. Graham passed away in November. He was 53.
Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities.
“It was a third party scam,” said the attorney representing the claimants.
