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- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
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Ex-LPL Broker Defrauded 23 Investors - SEC
The SEC charged Thomas Andrews, a former registered rep of LPL Financial, and his full-time personal assistant, Scott Christensen, with defrauding 23 investors.
According to the SEC complaint, …. from 2010 through the fall of 2015, Andrews defrauded investors by convincing them to liquidate other investments and invest in "the Jackson Trust" and "the Lincoln." Investors were told that the "Jackson Trust" was guaranteed and had an annual return of 6% to 8.5%; the "Lincoln" investments, they were told, would generate a return equal to 5% or the quarterly S&P index return, whichever was greater.
Both investments, however, were fictitious and Andrews used the investors' funds to pay his personal expenses. Andrews, with Christensen’s assistance, created and mailed false account statements. Christensen also pretended to be a "Jackson Trust" supervisor in calls to investors.
All told, Andrews misappropriated $8.4 million from investors, and paid Christiansen $1 million.
In 2016, both pleaded guilty and were sentenced to prison – Andrews got 97 months, while Christensen got 12 months. Both were ordered to pay restitution.