A veteran financial adviser was arrested in New Jersey last Thursday and charged with the distribution and possession of child pornography.
The adviser, Nicholas Spagnoletti, 52, of Madison, faces one count each of the child pornography charges, according to a statement by the Morris County Prosecutor's Office. Prosecutors allege that between April 15 and Aug. 12 Spagnoletti used his personal cellphone to upload, possess and distribute images of child pornography.
A broker and financial adviser with 28 years of experience, Spagnoletti was most recently registered with LPL Financial and the Wealth Enhancement Group.
Spokespersons for both those firms said on Tuesday that Spagnoletti is either no longer registered or working with that company.
"Nicholas Spagnoletti is no longer a client of the firm," wrote an LPL spokesperson in an email.
"We take this matter very seriously, and are fully cooperating with law enforcement authorities," a spokesperson for Wealth Enhancement Group wrote in an email.
Spagnoletti "disputes the allegations and has begun already preparing to defend against them," his attorney, Anthony J. Iacullo, wrote in an email. "He also wants to thank everyone who has reached out to him and his family offering their support."
The charges against Spagnoletti had been earlier reported by trade publications Citywire and Financial Planning.
Medicare scam, pandemic benefit theft, offshore tax evasion — federal prosecutors are casting a wide net.
Report finds that pension income acts as a financial lifeline for retirees facing late-life shocks and raises urgent questions about the DC-only future.
Nine-month electronic trading freeze and share lending program at the center of dismissed claim.
Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.
With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
