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.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
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
