The Securities and Exchange Commission Wednesday charged a Virginia financial advisor, Ryan R. Riley, with defrauding investors and clients out of almost half a million dollars.
At the same time, in a criminal matter, Riley waived his right to prosecution by indictment and consented to prosecution by information, pleading guilty on Wednesday, according to court filings. The criminal case said Riley had at least nine victims and was ordered to pay restitution of at least $434,000.
Riley started in the brokerage industry in 1996, according to his BrokerCheck profile, and dropped his brokerage license in 2010. He has been registered as an investment advisor in Leesburg, Virginia, since 2014 with Calibre Consulting Group, a registered investment advisor with just $755,000 in client assets, according to its Form ADV.
A call to Calibre Consulting could not be completed on Thursday because its phone number is no longer in service. Riley's attorney, Brittany M. Davidson, a public defender, declined to comment.
According to the SEC, from at least January 2014 through September 2019, Riley allegedly solicited advisory clients and other individuals to invest in securities issued by his companies, Green Light Energy and Mustang Resources Inc.
"Riley induced investors to invest by claiming that he would use their funds to acquire, develop, and operate oil and gas drilling projects in Texas," according to the SEC's complaint. "In reality, Riley misappropriated the funds, using some for personal expenses and losing the majority through risky day trading."
Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.
Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.
The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.
The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.
The high court's decision rebuffing Alpine Securities marks a setback for a broader challenge to Wall Street's reliance on self-regulatory organizations.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
