In a final judgment, a federal court has ordered former investment adviser Richard G. Duncan of Springfield, Massachusetts, who defrauded two advisory clients by persuading them to invest in a scam originating in Turkey, to pay a total of over $530,000.
Duncan was ordered to pay disgorgement of $104,080 plus prejudgment interest of $14,716, and a civil penalty of $414,366, the Securities and Exchange Commission said in a release.
The SEC's complaint, filed on August 12, 2019, alleged that Duncan breached his fiduciary duty as an investment adviser by ignoring, and failing to disclose, warnings from two banks that the Turkish investment opportunity was probably a scam. The complaint further alleged that Duncan made materially false and misleading statements to at least one client, promising as much as a 100% return on the Turkish investment.
Chasing productivity is one thing, but when you're cutting corners, missing details, and making mistakes, it's time to take a step back.
It is not clear how many employees will be affected, but none of the private partnership’s 20,000 financial advisors will see their jobs at risk.
The historic summer sitting saw a roughly two-thirds pass rate, with most CFP hopefuls falling in the under-40 age group.
"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
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