The Securities and Exchange Commission has filed an emergency action charging hybrid adviser Matthew O. Clason of Cheshire, Connecticut, with stealing hundreds of thousands of dollars from an advisory client.
In its action, the SEC seeks an asset freeze, permanent injunctive relief and disgorgement plus prejudgment interest and civil penalties.
The SEC alleges that beginning in February 2019, Clason stole more than $300,000 from a retired 73-year-old advisory client. According to the complaint, Clason liquidated securities in the client's accounts, transferring the proceeds of the sales to a bank account he held jointly with the client for investment purposes and to facilitate the payment of miscellaneous monthly expenses. Clason withdrew cash from the account on numerous occasions and at different bank locations.
The complaint alleges that the client did not know of or approve the withdrawals and did not receive the cash that Clason withdrew.
As a registered representative, Clason is affiliated with LPL Financial in Glastonbury, Connecticut. He is also an investment adviser with Integrated Wealth Concepts, also of Glastonbury.
Britt is named CFO of Wipfli, a $600 million accounting firm that audits two NFL franchises
The acquisition pairs Zephyr's 21,000-product separately managed account database with YCharts' newly launched AI agent assistant for investment research.
The war for talent continues in the Sunshine State with as Truist and RayJay teams managing a collective $1 billion in client assets defect to other firms.
Americans now estimate they need $1.2 million to retire comfortably, but rising costs and debt are making that goal increasingly difficult to reach.
Crewe Advisors' Ryan Halliday and Accelerated Wealth Partners' Eric Amar suggest mega RIA's readiness to integrate — not just scale — will determine whether an IPO exit actually works.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
