The Securities and Exchange Commission said the U.S. District Court for the Southern District of Ohio entered a final judgment against Scott Allen Fries, a former registered representative and investment adviser representative at Transamerica, for defrauding investors.
According to the SEC, from March 2014 to March 2019, Ohio-based Fries raised at least $458,000 from at least 10 individuals, some of them his brokerage customers, but used the money for personal expenses, including mortgage payments and credit card bills, rather than investing it. He lied to the individuals about their investments, created false account statements that showed profitable investments, and lied to his employer about taking the money from brokerage customers.
In July 2019, Transamerica discharged Fries, and in August 2019, the Financial Industry Regulatory Authority Inc. barred him for failing to cooperate with an investigation.
The court ordered Fries to pay $428,334.53 in disgorgement, as well as prejudgment interest of $110,548.02 and a civil penalty of $208,500.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
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
