George Heckler, whom the Securities and Exchange Commission in March charged with operating a decade-long $20 million investment adviser fraud, was sentenced in a parallel criminal case to 63 months in prison.
The criminal charges against Heckler stem from the same misconduct alleged in the SEC's complaint, which charged that Heckler formed two private hedge funds, Cassatt Short Term Trading Fund and CV Special Opportunity Fund, to conceal massive losses incurred by another fund he controlled.
From 2009 through 2019, according to the complaint, Heckler, whose firm was based in suburban Philadelphia, raised millions of dollars while falsely telling investors that their funds were used in very short-term equity trading that consistently generated positive returns. Instead, the complaint alleges that a substantial amount of the money was not invested at all or had been used to make Ponzi-like payments to prior investors.
The SEC's litigation against Heckler is ongoing.
The bank's new training initiative aims to add hundreds of advisors as it expands its mass-affluent advice unit, according to Barron's.
The lawyers' group warns that adjudicating certain claims externally and limiting punitive damages, among other suggestions, could hurt investors.
With Parkworth Wealth Management and its Silicon Valley tech industry client base now onboard, Savant accelerates its vision of housing 10 to 12 specialty practices under its national RIA.
The wealth tech giant is unveiling its new offerings, designed for advisor productivity and client engagement, as investors and experts continue to grapple with the implications of AI.
Meanwhile, Merchant is continuing to expand its support for RIAs by partnering with a South Dakota-chartered trust company.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
