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.
Arch claims 40% operating cost savings for Mercer as Nitrogen unlocks its agentic AI and tech suite to 10,000 Osaic advisors
A happy coincidence: one of LPL Financial’s corporate campuses happens to be based in Rep.-elect Wes Climer’s new district.
Wells Fargo and UBS also add advisors from Morgan Stanley, Edward Jones, Merrill and Fidelity in a fresh round of wirehouse recruiting
How we got here – and what to do about it
AI trust gap: Americans want protection, not autonomy, in their finances
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
