The Securities and Exchange Commission has barred Bradley Mascho, a former registered representative with Western International Securities, for his role in aiding and abetting an offering fraud by Dawn J. Bennett.
The SEC alleged that Mr. Mascho assisted Ms. Bennett in raising more than $20 million from at least 46 investors through the unregistered offering of her company’s convertible and promissory notes. The agency charged that he fraudulently misrepresented and omitted material facts to investors regarding the company’s financial condition and operating performance, the risks associated with the investment, and the intended use of investor proceeds.
Ms. Bennett, who was sentenced to 20 years in federal prison last July, was convicted on 17 charges related to her running the $20 million Ponzi scheme.
Mr. Mascho, of Frederick, Md., was sentenced last August to 30 months in prison. He resigned from Western International Securities in 2017 and has not been employed in the securities industry since.
In January 2018, the Financial Industry Regulatory Authority Inc. barred Mr. Mascho for failing to take part in a hearing looking into his activities at Western International.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.
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.