A former adviser was barred from the industry and fined over $575,000 as part of a settlement of an SEC fraud investigation, officials said.

Essex Financial Services founder John W. Rafal agreed to admit wrongdoing in connection with a secret referral scheme involving an elderly widow with assets over $100 million, the SEC announced Monday. He has also pleaded guilty to obstructing the agency’s investigation.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access