In a case brought by the Securities and Exchange Commission, a jury in a federal court in Tampa, Florida, returned a unanimous verdict finding broker-dealer Spartan Securities Group, transfer agent Island Capital Management and two principals of those firms, Carl E. Dilley and Micah J. Eldred, liable for fraud in connection with their roles in the creation of at least 19 public companies that were shams.
The court will determine the remedies to be imposed against Spartan Securities, Island Stock Transfer, Dilley and Eldred in further proceedings. In a release, the SEC said it is seeking permanent injunctions and civil penalties against Spartan Securities, Island Stock Transfer, Dilley and Eldred; penny stock bars against Spartan Securities, Dilley and Eldred; and disgorgement of ill-gotten gains with prejudgment interest against Island Stock Transfer.
The Financial Industry Regulatory Authority Inc. cancelled the securities license of Clearwater, Florida-based Spartan Securities in June 2019.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
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
