A federal court in Tennessee has entered a final consent judgment in a previously filed SEC enforcement action against Jay Costa Kelter, a former registered investment adviser and registered representative with Berthel Fisher & Co.
The SEC’s action, filed in November 2017, charged Mr. Kelter, of Alpharetta, Ga., with defrauding three retired clients out of more than $1.85 million, making material misrepresentations to the clients, including false guarantees concerning investor losses, and misappropriating $1.4 million of client funds for his own use.
In a parallel criminal matter, Mr. Kelter pled guilty to one count of securities fraud and one count of wire fraud last May. He was sentenced to 29 months imprisonment and ordered to pay restitution of $1.5 million.
To resolve the SEC's allegations, Mr. Kelter consented to a permanent bar from the securities industry. He also was ordered to pay disgorgement of $1.5 million and prejudgment interest of $331,985, which were deemed satisfied by the restitution ordered against him in the criminal case.
[More: SEC bars former Securities America rep over $1 billion Ponzi scheme]
Mr. Kelter left Berthel, Fisher in 2013 and has not be employed in the securities industry since.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
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.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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
