The Securities and Exchange Commission has charged Donald H. Hunter, an unregistered investment adviser based in Ridgefield, Conn., with failing to disclose material conflicts of interest related to the sale of shares of his private fund, You Angel Finance.
According to the complaint, Hunter established You Angel Finance as a private, unregistered fund after he was barred by the Financial Industry Regulatory Authority Inc. in 2012 for the fraudulent sale of promissory notes to his broker-dealer clients.
From late 2016 through 2018, while acting as investment adviser to You Angel Finance, the SEC alleged that Hunter raised approximately $430,000 from investors, claiming that You Angel Finance was supplying seed capital to or purchasing shares from a private drug research company. The SEC charged that Hunter had acquired the company's shares personally or through companies he controlled, but as a result of the Finra bar was unable to sell them directly or indirectly to brokerage customers, as he had in the past.
The complaint alleges that Hunter failed to disclose adequately that the fund purchased the shares from Hunter or entities he controlled, or that he set the prices at which he sold those shares to the fund.
The SEC is seeks disgorgement of ill-gotten gains, prejudgment interest, financial penalties and permanent injunctions against Hunter.
A sort-of double-deal marks Allworth's 42nd acquisition since 2018 as Apella makes its first move in Iowa.
Kestra president John Amore expects to "win our fair share" of Commonwealth advisors, and "particularly those that don't want to be part of a 30,000 advisor firm,” amid their looming sale to LPL Financial.
Advisors can set their practice apart and win more business with a powerful graphic describing their unique business and value proposition.
The fintech pioneer's latest venture, launched with Scott Hanson, Ric Edelman, and other industry luminaries, looks to succeed where he sees AI notetakers failing.
The wirehouse alum is stepping into a newly created role that "combines planning philosophy, tech-enabled advice and human advice."
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
