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- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.