In a case involving charges of undisclosed compensation brought by the Securities and Exchange Commission, jurors in a Connecticut federal court returned a guilty verdict against an RIA firm and its owner.
The jury found that Westport Capital Markets, a registered investment adviser and its owner, Christopher E. McClure, defrauded clients by “repeatedly purchasing securities that generated significant undisclosed compensation, enriching themselves at their clients’ expense,” the SEC said in a release.
"Investment advisers cannot mislead their clients about conflicts of interest," said Adam Aderton, co-chief of the SEC's asset management unit.
Specifically, the trial determined that the “defendants acted intentionally, knowingly, or recklessly,” according to the release.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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