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Client Money Funds Barred Broker's "Boyler Room" Bar

Client Money Funds Barred Broker's "Boyler Room" Bar

A Philadelphia stockbroker, William Joseph Boyle, was indicted for stealing clients' money and using the funds to buy a bar, renaming it "The Boyler Room", according to The former Legg Mason broker had been barred from the industry in 2009 after being accused of misappropriating client funds (he neither denied nor admitted the allegation), but continued representing himself to clients as a licensed advisor until 2015 while operating his own firm Life Financial Planning in Bala Cynwyd. In addition to The Boyler Room, the U.S. Attorney's office said he also used the funds for his wife and ex-wife, and his childrens' catholic school tuition.

Copyright Patricia Lux, Getty Images
Copyright Patricia Lux, Getty Images

IBD Provides Tech Support

When an advisor goes independent, they’re almost always on their own when it comes to technology infrastructure. But independent broker/dealer network National Planning Holdings is giving its advisor force a hand with technology, introducing a new Technology Solutions Team, a group of 13 dedicated consultants. The team will be available to help the firm’s 3,428 advisors implement and use NPH’s client service and practice management technology. The consultants will provide personal, in-office training as well as phone support. “While other companies make significant investments in their technology platforms, they do not always provide assistance to ensure that advisors get the most out of those investments,” said Michael Whitehouse, a registered representative of SII Investments, one of NPH’s b/ds. Whitehouse participated in a soft launch of the new service. “NPH’s Technology Solutions Team, in contrast, has taken a hands-on approach to helping me and my staff understand a broad range of new possibilities for my business that we can implement today.”

Hartford Funds Summer School Begins

With Independence Day behind us, Summer School is just beginning at the Hartford Funds. The company launched the first in a series of YouTube videos offering financial advisors short lessons and advice about current and emerging client issues. The first video features John Diehl, Hartford Funds’ senior vice president of strategic markets, on easing market fears during the election season. His advice is to maintain a proactive attitude during the campaign and remind clients that earnings growth and other economic factors move markets far more than elections do.

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