A Massachusetts financial advisor has pleaded guilty to misappropriating millions of dollars of his clients’ funds for his own use, according to InsuranceNewsNet. 55-year-old Steven Xigoros of Lowell was arrested and indicted on the charges by a federal grand jury in...
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Month: October 2022
Alaska man ordered to pay restitution for swindling investors
An Alaska man has been accused of engaging in a scheme that defrauded dozens of investors in the state from 2017 through 2022, reports InvestmentNews. The Alaska Division of Banking and Securities issued an interim temporary cease and desist order against Tycoon...
FINRA fines Raymond James broker-dealers $1.1 million for compliance failures
Two broker-dealers affiliated with Raymond James Financial Inc. have been fined for alleged rule violations, according to InvestmentNews. The Financial Industry Regulatory Authority announced the fines, totaling $1.1 million, in a letter of Acceptance, Waiver and...
Former Illinois financial advisor ordered to pay over $815K for defrauding clients
The Securities and Exchange Commission obtained a final judgment against a former Illinois financial advisor who was charged with defrauding his clients, Financial Advisor reports. Under the judgment entered in federal court, 61-year-old Ronald Molo of Shorewood,...
SEC adopts rule amendments to modernize preservation of electronic records
The Securities and Exchange Commission is taking steps to modernize the process of electronic recordkeeping by broker-dealers and security-based swap dealers, according to a report by ThinkAdvisor. The SEC voted last week to adopt amendments to its rules pertaining to...
