The Securities and Exchange Commission has charged Scott Allen Fries, a former registered representative and investment adviser representative at Transamerica Financial Advisors in Cincinnati, with defrauding at least seven investors out of at least $178,000. The agency is seeking disgorgement and a civil penalty.
According to the SEC's complaint, Fries recommended that certain individuals, including several of his brokerage customers and their relatives, provide him with funds to invest outside of his relationship with Transamerica. Between January 2016 and March 2019, at least seven people allegedly gave Fries a total of at least $178,000 to invest, the SEC said, and Fries betrayed their trust and spent their money on his own personal expenses.
To cover up his fraud, Fries allegedly created fake account statements, lied to his employer, and used a Ponzi-like scheme to repay a couple who demanded the return of their investment with funds from other investors.
Fries was discharged by Transamerica in July 2019 and barred by the Financial Industry Regulatory Authority Inc. in August 2019 for failing to provide Finra with information in an investigation into his behavior.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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.
