The Securities and Exchange Commission filed charges against Donald J. Kellen, an investment adviser representative in Palos Verdes Estates, Calif., for conducting a multiyear cherry-picking scheme that defrauded his clients.
According to the SEC's complaint, from about May 2012 through September 2015, Kellen profited at his clients' expense by allocating profitable trades in an omnibus account at Laurel Wealth Advisors in La Jolla, Calif., to his own account, rather than allocating those trades to client accounts.
The alleged misuse of his omnibus account enabled him to engage in riskless day-trading, according to the complaint.
On Aug. 26, 2019, the SEC entered settled administrative and cease-and-desist orders against Laurel Wealth Advisors and Joseph C. Buchanan, another investment adviser representative previously associated with that firm.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
