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."
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
