Texas securities regulators have revoked the investment adviser representative license of Kim Diane Butler, of Mt. Enterprise, Texas, for her role in the sales of Woodbridge Wealth.
From 2015 through 2017, Butler sold more than $5 million of unregistered alternative investments in Woodbridge Wealth through a network of organizations she owned and operated. She received more than $300,000 in commissions in connection with the sales.
In doing so, the Texas Securities commissioner said in a release, Butler breached the fiduciary duties owed to her clients by never disclosing the fact that she received a commission from the sales and never discussing the conflict of interest that existed because of her financial incentive to recommend clients purchase Woodbridge investments.
In December 2017, the Securities and Exchange Commission filed a complaint against Woodbridge alleging it to be a massive Ponzi scheme that raised more than $1.2 billion from 8,400 investors across the country.
In addition to revoking her license, Texas ordered Butler to cease and desist from engaging in the unregistered sales of securities and from engaging in further fraudulent conduct.
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.
