The Securities and Exchange Commission has charged Phillip W. Conley, a former registered representative based in West Virginia, with conducting a $5.2 million fraudulent securities offering.
Conley, who was suspended by the Financial Industry Regulatory Authority Inc. in 2015 for failing to comply with an arbitration award, was alleged to have induced investors to purchase securities by lying about the investments. He also allegedly failed to invest the proceeds as promised, instead spending most of the money himself and using the remainder to make Ponzi-like payments to earlier investors.
The SEC's complaint, filed in federal district court in the Northern District of West Virginia, seeks a permanent injunction, disgorgement of ill-gotten gains, prejudgment interest and civil monetary penalties.
Conley began his securities career in 2007 at Citigroup. He moved to Wells Fargo in 2010 and to Merrill Lynch in 2012. He left the firm in 2014.
The deal to acquire a 300-client tax firm built sets up much-needed succession for its 80-year-old founder, while joining a widening trend of tax service integration among RIAs.
New Nationwide Retirement Institute survey reveals eight in ten Americans agree Social Security needs fixing and how.
Advisor-led adoption has been rapid for tasks from translating annuity contracts into plain English to speedy webinar prep.
Austin, Texas headquartered firm taps former BlackRock managing director following an internal leadership shuffle.
InvestmentNews reported in 2017 that the IRS was scrutinizing the tax shelter land deals, called syndication conservation easements.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
