A federal court in Tennessee has entered a final consent judgment in a previously filed SEC enforcement action against Jay Costa Kelter, a former registered investment adviser and registered representative with Berthel Fisher & Co.
The SEC’s action, filed in November 2017, charged Mr. Kelter, of Alpharetta, Ga., with defrauding three retired clients out of more than $1.85 million, making material misrepresentations to the clients, including false guarantees concerning investor losses, and misappropriating $1.4 million of client funds for his own use.
In a parallel criminal matter, Mr. Kelter pled guilty to one count of securities fraud and one count of wire fraud last May. He was sentenced to 29 months imprisonment and ordered to pay restitution of $1.5 million.
To resolve the SEC's allegations, Mr. Kelter consented to a permanent bar from the securities industry. He also was ordered to pay disgorgement of $1.5 million and prejudgment interest of $331,985, which were deemed satisfied by the restitution ordered against him in the criminal case.
Mr. Kelter left Berthel, Fisher in 2013 and has not be employed in the securities industry since.
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.
Raymond James also lured another ex-Edward Jones advisor in South Carolina, while LPL welcomed a mother-and-son team from Edward Jones and Thrivent.
MyVest and Vestmark have also unveiled strategic partnerships aimed at helping advisors and RIAs bring personalization to more clients.
Wealth management unit sees inflows of $23 billion.
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.
