The Securities and Exchange Commission has filed charges against former registered representative Mark Hopkins of Grand Blanc, Michigan, for misappropriating at least $1.15 million from at least five customers.
The firm with which he was associated, American Portfolios Financial Services, permitted him to resign in December 2018 for “accepting customer funds for an investment not on the books of the broker-dealer without obtaining pre-approval,” according to his BrokerCheck record.
The Financial Industry Regulatory Authority barred Hopkins in May 2019 for failing to complying with its request for information in connection with an inquiry into his actions.
According to the SEC's complaint, Hopkins represented to certain customers that he would invest their funds in an investment program at a local credit union that would be relatively short term and would return a 6% or 7% profit.
The complaint alleges that five of his customers transferred a total of roughly $1.15 million to Hopkins for investment in the program. According to the complaint, however, the investment program Hopkins described never existed. Rather than investing the customer funds, Hopkins deposited them into an account he controlled at the credit union and misappropriated them. The SEC alleges that Hopkins provided the customers with falsified account statements to conceal his fraud.
The SEC is seeking injunctive relief, disgorgement of ill-gotten gains and prejudgment interest, and civil money penalties.
Also, Nitrogen has added Indivisible Partners to its integration network, while Wealthtender unveiled an AI-focused update to help boost advisors' online presence.
The giant hybrid RIA's latest East Coast move adds $175 million in recruited assets as it looks to offset broader advisor attrition.
Regulator is asking for feedback on how this might work.
President says he has a ‘couple of people in mind’ for central bank role.
Wall Street firm partners with Dutch online broker to fuel push into EU market.
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.
