The SEC claims that Eugenio Garcia Jimenez Jr., an unregistered investment advisor, misappropriated $7.1 million of funds belonging to the Municipality of Mayagüez, Puerto Rico.
Axiom RIA, an investment platform available to Geneos' 300 advisors, and Fidelity are adding Potomac Fund Management’s tactical model portfolios to their platforms.
The SEC said Anson Jean-Pierre told investors the funds would be used to develop projects in Haiti, but he actually spent some of the money on things like retail and travel purchases.
The three advisors at the San Diego–based Nautica Wealth Advisors had all previously been affiliated with the independent broker/dealer and are reconnecting with the company from Cetera.
Advisor Craig Rumbaugh led clients into investments that turned out to be a Ponzi scheme and failed to disclose his commissions.
The CFP Board has suspended financial advisor Timothy Hanna's right to use its CFP certification marks pending further investigation and possible disciplinary hearings.
The states are the two latest to create their own regulations based off the model passed by the National Association of Insurance Commissioners earlier this year.
