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.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
