Finra suspended and fined a former Hightower Advisors executive for allegedly charging personal expenses to the corporate credit card.
From 2018 to 2020, Colin Healy — who was then co-head of Hightower’s strategic advisory network of investment banks, according to his LinkedIn profile — held business meetings at private clubs, where Healy racked up more than $6,000 of personal expenses, according to a Financial Industry Regulatory Authority Inc. filing. Hightower reimbursed Healy for personal expenses such as “pool lessons” and “tennis clinics,” Finra said.
Hightower received an anonymous tip about Healy in May 2021 and he was fired from the firm one month later, according to BrokerCheck. He had spent nearly 13 years with the firm, where his final position was as Hightower’s head of advisor adoption.
Finra suspended Healy for one year and levied a $10,000 fine. Healy consented to the findings and Finra’s sanctions without admitting or denying the charges.
Hightower declined to comment.
Healy has been affiliated with Pathway Partners Wealth Advisors, a registered investment advisor he is part owner of, since 2022, according to filings with the Securities and Exchange Commission. Healy serves as Pathway’s president and chief compliance officer.
Pathway did not respond to a request for comment.
Healy is also president of The TashaStrong Foundation, a nonprofit dedicated to raising funds for cancer research and treatment.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
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
Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.
UBS has a history of costly litigation stemming from the sale of volatile investment products.
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
