In a final judgment, a federal court has ordered former investment adviser Richard G. Duncan of Springfield, Massachusetts, who defrauded two advisory clients by persuading them to invest in a scam originating in Turkey, to pay a total of over $530,000.
Duncan was ordered to pay disgorgement of $104,080 plus prejudgment interest of $14,716, and a civil penalty of $414,366, the Securities and Exchange Commission said in a release.
The SEC's complaint, filed on August 12, 2019, alleged that Duncan breached his fiduciary duty as an investment adviser by ignoring, and failing to disclose, warnings from two banks that the Turkish investment opportunity was probably a scam. The complaint further alleged that Duncan made materially false and misleading statements to at least one client, promising as much as a 100% return on the Turkish investment.
[MORE: SEC bars adviser who sold 1 Global Capital fraud]
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
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A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
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