Adviser charged in murder-for-profit scheme

For financial adviser Daniel E. Becerril II, the year started out on a sour note when he was sanctioned by Finra on Feb. 23. Now, that's the least of his worries. The Huntington Beach, Calif., resident and owner of AP Financial Group was arrested last Thursday by Santa Monica, Calif., police for allegedly taking part in a complex murder-for-profit scheme, the Los Angeles Times reports. Law enforcement officials claim Mr. Becerril stabbed to death Alexander Merman, a 35-year-old elementary school teacher, artist and Russian immigrant, in 2008. Mr. Becerril also will face felony charges of forgery, money laundering and grand theft. According to a story in The Sacramento Bee, police allege Mr. Becerril stole hundreds of thousands of dollars from Mr. Merman and killed him when he found out. Detectives say Mr. Becerril owed Mr. Merman $250,000 and stole an additional $300,000 from his investment accounts, and they have amassed enough evidence to link him to Mr. Merman's killing. Police say they uncovered more fraud during the investigation for a total of $700,000 in theft. Police are seeking other people who may have been involved in the scheme, but they would not elaborate, the L.A. Times reported. According to a Financial Industry Regulatory Authority filing last month, a client accused Mr. Becerril of taking his daughter's inheritance (some $11,500) and, instead of investing it in mutual funds, placed the money in his own bank account. Mr. Becerrill was barred from the financial industry after an investigation for misusing customer funds and failing to respond to a request for documents.