A federal court in Connecticut has entered final judgments against Temenos Advisory, a Litchfield, Connecticut-based RIA, and George Taylor, its former chief executive, for putting $19 million of investor money at risk without performing due diligence or disclosing investment risk.
The case, which was brought by the Securities and Exchange Commission, also charged that the firm and its CEO concealed the high sales commissions they received.
Temenos was ordered to pay $768,137 in disgorgement, prejudgment interest of $56,706, and a civil penalty of $775,000. Taylor was ordered to pay $321,956 in disgorgement, prejudgment interest of $22,358, and a civil penalty of $179,618.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
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
