The Securities and Exchange Commission has charged Carlsbad, California-based investment adviser Mark J. Boucher and his company, Strategic Wealth Advisor Group Services, with misappropriating more than $2.2 million from advisory clients.
The agency is seeking permanent injunctions, disgorgement plus prejudgment interest and civil penalties.
According to the SEC's complaint, from 2010 to 2020, Boucher made unauthorized transfers from client accounts to his own accounts, used client funds to pay his credit card bills, and forged a client's signature on checks.
According to the complaint, Boucher also attempted to conceal his misappropriations, including forging a letter, purportedly from a client from whom Boucher misappropriated over $1.5 million in trust funds, in an attempt to convince SEC staff that the client had gifted him the funds a few days before she died.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
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