The Securities and Exchange Commission said the U.S. District Court for the Southern District of Ohio entered a final judgment against Scott Allen Fries, a former registered representative and investment adviser representative at Transamerica, for defrauding investors.
According to the SEC, from March 2014 to March 2019, Ohio-based Fries raised at least $458,000 from at least 10 individuals, some of them his brokerage customers, but used the money for personal expenses, including mortgage payments and credit card bills, rather than investing it. He lied to the individuals about their investments, created false account statements that showed profitable investments, and lied to his employer about taking the money from brokerage customers.
In July 2019, Transamerica discharged Fries, and in August 2019, the Financial Industry Regulatory Authority Inc. barred him for failing to cooperate with an investigation.
The court ordered Fries to pay $428,334.53 in disgorgement, as well as prejudgment interest of $110,548.02 and a civil penalty of $208,500.
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
