George Heckler, whom the Securities and Exchange Commission in March charged with operating a decade-long $20 million investment adviser fraud, was sentenced in a parallel criminal case to 63 months in prison.
The criminal charges against Heckler stem from the same misconduct alleged in the SEC's complaint, which charged that Heckler formed two private hedge funds, Cassatt Short Term Trading Fund and CV Special Opportunity Fund, to conceal massive losses incurred by another fund he controlled.
From 2009 through 2019, according to the complaint, Heckler, whose firm was based in suburban Philadelphia, raised millions of dollars while falsely telling investors that their funds were used in very short-term equity trading that consistently generated positive returns. Instead, the complaint alleges that a substantial amount of the money was not invested at all or had been used to make Ponzi-like payments to prior investors.
The SEC's litigation against Heckler is ongoing.
Meanwhile, DPL Financial Partners adds two annuity executives and Prime Capital Financial hires a Mid-Atlantic retirement plan consultant
Andrew Komarow pleaded guilty Thursday in federal court in Hartford to defrauding three financial services companies of close to $3.3 million.
Elsewhere, Cetera picks up a $210 million Connecticut team from MML, while Wells Fargo FiNet adds a San Diego family practice from LPL
Celebrity endorsements, $500M in claimed assets, and a state regulator stepping in.
“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
