The Securities and Exchange Commission has entered a final judgment against former Connecticut investment adviser Lester Burroughs who, in a parallel criminal case, was found guilty of wire fraud and sentenced to 33 months in prison.
In the criminal case, Burroughs was ordered to pay restitution of $575,000 to his victims. The judgment against Burroughs in the civil case ordered him to pay disgorgement of $560,000, which was deemed satisfied by the criminal restitution order.
In its civil case, the SEC alleged that Burroughs engaged in a scheme to defraud retail investors by selling fictitious financial products and misappropriating the proceeds to pay other advisory clients, as well as for his own use.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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.
