Alaska securities officials have ordered Anchorage resident Garrett Elder and his Tycoon Trading firm to pay a civil penalty of $7.43 million and restitution of an identical amount, plus interest, for issuing and selling unregistered securities and for acting as an investment adviser without being registered.
State regulators said Elder sold securities in the form of participation in profit-sharing agreements, investment contracts, and speculative trading in foreign currencies to Alaska residents through his business, Tycoon Trading. This took place between February 2017 and this past September. Neither Elder, Tycoon Trading nor the securities offered were ever registered with the state, however, according to a cease-and-desist order filed by the state.
The order also stated that Tycoon issued statements to investors reflecting positive earnings on investments.
“Those statements were falsified,” the order stated. “All or substantially all of the investors’ assets have been dissipated. Despite repeated attempts, investors have been unable to access their funds.”
“This scheme appears to have targeted Elder’s friends, family, and social networks. We take this extremely seriously,” said Robert Schmidt, director of the Alaska Division of Banking and Securities, said in a statement.
The industry watchdog's own reports reflect failures to deter "willful" and "repeat" violations, raising a crucial question about the future of regulation.
Acting Chairman Mark Uyeda directed SEC staff to initiate a pause in court while the commission awaits a quorum. The SEC may decide to withdraw from defending itself in a lawsuit over last year's climate disclosure rule.
The top estate planning platform's veteran hire will lead its legal team's efforts to develop estate planning, tax analysis, and wealth transfer solutions for ultra-high-net-worth clients.
“If Morgan Stanley had called my client’s son, this wouldn’t have happened,” the investor's attorney said.
Meanwhile, Ameriprise has bolstered its own ranks as an LPL defector joins its branch channel in California.
From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.
Blue Vault features expert strategies to harness for maximum client advantage.