The Securities and Exchange Commission obtained an emergency court order freezing the assets of Ron Harrison, who runs Global Trading Institute in Ladera Ranch, California, along with the assets of the institute and of Harrison's girlfriend, for allegedly carrying out an ongoing investment advisory fraud.
According to the SEC's complaint, Harrison fraudulently charged 22 clients more than $900,000 in fees since 2016 based on the gains he made trading options in their brokerage accounts, when in fact almost all of the clients suffered substantial losses.
The complaint also alleges that Harrison failed to disclose to clients that the Financial Industry Regulatory Authority Inc. had barred him from the securities industry.
The complaint also named Global Trading Institute as a defendant for allegedly participating in Harrison's fraud and named his girlfriend, Irina Parfyonova, as a relief defendant for allegedly having received more than $279,000 in proceeds from the fraud from Harrison.
Meanwhile, an advisor tuck-in from Edward Jones expands Kestra's Washington, D.C.-area presence, and Janney deepens its Connecticut footprint with an experienced Wells Fargo advisor.
KFN Succession Center pairs advisors weighing retirement with buyers, as next-gen affordability keeps eroding industry-wide.
New CFA Institute research calls for tougher valuation rules and suitability standards as private credit funds court wealth management clients.
Michigan father-son team with nearly 50 years of combined experience joins LPL, while a New Jersey advisor moves from Ameriprise to RJFS.
UBS expert Sarah Salomon says stewardship is built over time, not handed over in a will.
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
