A federal court in North Carolina has entered a final judgment against adviser Richard W. Davis, finding him liable for disgorgement and prejudgment interest of $653,904 in connection with a scheme that defrauded 75 clients, taking $9.3 million of their investment funds.
In light of his 2018 conviction and sentence to a 90-month prison term in a parallel criminal case, the Securities and Exchange Commission, which filed a complaint against Davis in 2016, dismissed its claim for a civil penalty.
In its complaint, the SEC alleged that Davis, of Charlotte, North Carolina, told investors that he would invest their money in assets such as real estate or mineral rights. Instead, he used the money to engage in undisclosed transactions with companies he owned.
He then continued to misrepresent to investors that their investments were growing, despite actually suffering losses, the SEC said in a release. According to the complaint, Davis also misappropriated a large part of the money he raised from investors for his own personal use.
A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.
Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.
Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.
From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.
Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.
Wellington explores how multi strategy hedge funds may enhance diversification
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
