In a case involving charges of undisclosed compensation brought by the Securities and Exchange Commission, jurors in a Connecticut federal court returned a guilty verdict against an RIA firm and its owner.
The jury found that Westport Capital Markets, a registered investment adviser and its owner, Christopher E. McClure, defrauded clients by “repeatedly purchasing securities that generated significant undisclosed compensation, enriching themselves at their clients’ expense,” the SEC said in a release.
"Investment advisers cannot mislead their clients about conflicts of interest," said Adam Aderton, co-chief of the SEC's asset management unit.
Specifically, the trial determined that the “defendants acted intentionally, knowingly, or recklessly,” according to the release.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
