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.
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
