The Securities and Exchange Commission has charged Thomas D. Renison and Timothy J. Allcott, principals of a Peabody, Mass.-based investment firm, ARO Equity, with fraud.
The SEC alleges that the two made false statements to current and prospective retail investors about ARO Equity's performance and used investor funds to pay interest to other investors. Such actions constitute a Ponzi scheme.
According to the SEC’s complaint, Mr. Renison, of South Glastonbury, Conn., was barred from the securities industry by the SEC in July 2014. Nevertheless, the SEC alleges that from at least July 2015 through June 2018, Mr. Renison, along with Mr. Allcott, of Peabody, Mass., formed ARO Equity and raised approximately $6 million from at least 15 investors.
The SEC is seeking a permanent injunction against the firm, conduct-based injunctions against its two principals, disgorgement plus prejudgment interest, civil penalties, and an order from the court requiring Mr. Renison to comply with the SEC's 2014 bar.
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
