The Securities and Exchange Commission has partially settled charges against Martin Silver of Long Branch, New Jersey, in connection with a scheme to overvalue assets held in a hedge fund offered by his investment advisory firm, International Investment Group.
In November 2019, the SEC charged IIG with fraud and revoked its registration as an investment adviser.
According to the SEC's complaint, from October 2013 until at least July 2018, Silver, the co-founder and chief operating officer of IIG, defrauded its clients by “grossly overvaluing the assets in IIG's flagship hedge fund.” This resulted in the fund paying inflated fees to IIG, some of which went to Silver.
Silver, who is cooperating with the SEC, consented to a two-part settlement, agreeing to be permanently enjoined from violations of the charged provisions, with monetary relief in an amount to be determined by the court at a later date upon motion of the Commission.
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
