SEC charges Massachusetts RIA with fraud

Commission says Richard Duncan persuaded two clients to invest $300,000 in a scam.

AUG 13, 2019

By InvestmentNews

The Securities and Exchange Commission has charged registered investment adviser Richard G. Duncan, of East Longmeadow, Mass., with defrauding two retail clients by persuading them to invest over $300,000 in an apparent scam originating in Turkey. (More: Finra, looking into fraud, bars former Securities America rep) According to a Commission enforcement action filed in federal court in Springfield, Mass., Mr. Duncan violated his fiduciary duty as an investment adviser by ignoring and failing to disclose warnings from two banks that the Turkish investment opportunity was probably a scam. He also made materially false and misleading statements to at least one client, the SEC charged, promising as much as a 100% return on the Turkish investment. [Recommended video: How the client experience will be different in five years]

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