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- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
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- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
- BigLaw Hogan Lovells Announces Hundreds of Buyouts, Layoffs - Almost 500 Affected
- Faith-Based Advisor Censured for Selling Class A Shares to Clergy
- After FINRA Bar, CFP Board Suspends Texas Advisor
- iCapital Network to Acquire U.S. Private Equity Access Fund Platform from Deutsche Bank
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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.