A federal court in North Carolina has entered a final judgment against adviser Richard W. Davis, finding him liable for disgorgement and prejudgment interest of $653,904 in connection with a scheme that defrauded 75 clients, taking $9.3 million of their investment funds.
In light of his 2018 conviction and sentence to a 90-month prison term in a parallel criminal case, the Securities and Exchange Commission, which filed a complaint against Davis in 2016, dismissed its claim for a civil penalty.
In its complaint, the SEC alleged that Davis, of Charlotte, North Carolina, told investors that he would invest their money in assets such as real estate or mineral rights. Instead, he used the money to engage in undisclosed transactions with companies he owned.
He then continued to misrepresent to investors that their investments were growing, despite actually suffering losses, the SEC said in a release. According to the complaint, Davis also misappropriated a large part of the money he raised from investors for his own personal use.
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
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.
