Kestra Investment Services, LLC and its former broker, Markus Byrd, are facing serious allegations of recommending unsuitable investments to clients. The pending customer dispute, filed on February 20, 2024, claims that Byrd recommended the sale of inappropriate direct investment products, specifically DPP & LP interests, which may have resulted in significant losses for investors. According […]
The SEC imposed an $18 million fine on LPL Financial LLC on January 17, 2025. This substantial penalty resulted from the firm’s failure to comply with anti-money laundering (AML) regulations. AML programs are designed to prevent criminals from using financial institutions to conceal illicit funds. LPL’s infractions included maintaining high-risk accounts that should have been
SEC Fines LPL $18M For Anti-Money Laundering Compliance Failure Read More »
The SEC fined Transamerica Retirement Advisors LLC $2.9 million on January 17, 2025. This penalty came after claims that Transamerica hid conflicts of interest. The issue stemmed from bonus payments made to Transamerica’s staff. As a registered investment adviser, Transamerica should have been clear about these conflicts. The SEC’s action aims to make the financial
SEC Fines Transamerica $2.9M For Retirement Business Conflicts Read More »
Mitchell Walk, a financial advisor associated with Kestra Investment Services, LLC, is facing a serious customer dispute allegation. According to the disclosure on his FINRA BrokerCheck profile, the claimant alleges that Walk recommended unsuitable investments, specifically direct investment DPP & LP interests. This pending case, filed on February 20, 2024, has the potential to significantly
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Scott Mason, a 66-year-old wealth manager, faces serious fraud charges. Federal prosecutors in Philadelphia claim he stole $17 million from 13 clients at Rubicon Wealth Management. Mason ran the firm from 2016 to 2024, handling $231 million for about 115 clients. The charges include wire fraud, securities fraud, and investment adviser fraud. The Securities and
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