Live Breaking News & Updates on Advanced Practice Advisors
Stay updated with breaking news from Advanced practice advisors. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
To embed, copy and paste the code into your website or blog: A long time ago, long before there existed any whistleblower statutes, I had a client – a CCO of a broker-dealer – who discovered some pretty funky trading at his firm. As he tells the story, when he went to see his boss (who was the owner of the firm) to report his troubling discovery, the owner sidled out from behind his desk, and casually unbuttoned his suitcoat, deliberately revealing the handgun he had strapped to his belt, and told my guy, basically, that he must be mistaken about those trades. My client took the not-so-subtle hint and bid a hasty adieu and said not another word. But, from that day forward until the day he was able to find a new job, he carefully documented every trade that made him queasy. When he finally left, he took with him all that trade data and presented it, wrapped in a bow, to the SEC. Fast forward: the SEC, as well as the DOJ, brought actions against the owner, and my c ....
In alleged fraud case, advisor piled clients into just 1 stock: Rite Aid financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.
SEC: Father and Son Duo Misled Investors The charges against Michael and David Sztrom were filed late last week and are one of two complaints against advisors related to a California-based RIA. Michael Sztrom, a California-based advisor who was banned by broker/dealers from making investment recommendations, continued doing business anyway, using his son’s registered advisory firm as a front, and even impersonating his son on calls, according to a complaint filed by the Securities and Exchange Commission. The charge comes on the heels of another against a financial advisor, Arizona-based advisor Jacob Glick, who is charged by the commission with making concentrated stock bets with elderly clients’ funds without revealing the risks involved. The SEC is seeking permanent injunctions, disgorgement and civil penalties against the defendants. ....
Litigation Release No. 25011 / January 19, 2021 Securities and Exchange Commission v. Jacob C. Glick, Civil Action No. 21-CV-00075-JJT, (D. Ariz. filed January 15, 2021) The Securities and Exchange Commission announced charges against Jacob C. Glick of Scottsdale, Arizona, a former investment adviser representative associated with Advanced Practice Advisors, LLC (APA), for repeatedly defrauding and breaching his fiduciary duty to advisory clients. The SEC s complaint alleges that from mid-2016 through mid-2018, Glick defrauded his advisory clients in three different ways. First, Glick allegedly placed the majority of his clients, many of whom had moderate or conservative risk tolerances, in unsuitable and risky investments that resulted in substantial losses. In addition, Glick failed to disclose the risks involved in these investments to clients. As also alleged in the complaint, after APA told Glick to liquidate the risky investments, he instead bought more of the ....
Litigation Release No. 25010 / January 19, 2021 Securities and Exchange Commission v. Michael Sztrom, David Sztrom, and Sztrom Wealth Management, Inc., Civil Action No. 21-CV-00086-H-RBB (S.D. Cal. filed January 15, 2021) The Securities and Exchange Commission charged father and son investment advisers, Michael and David Sztrom of Rancho Santa Fe, California, and their company Sztrom Wealth Management, Inc., with defrauding advisory clients by creating the false impression that Michael Sztrom was associated with registered investment adviser Advanced Practice Advisors, LLC (APA). The SEC s complaint alleges that, from November 2015 through March 2018, David and Michael Sztrom provided investment advice to clients through Sztrom Wealth Management (SWM). As alleged, David and Michael Sztrom concealed from clients that Michael Sztrom was not associated with APA or any registered investment adviser and was not subject to compliance oversight by APA or any other firm. As ....