U.S. Attorneys Office

A FINRA arbitration claim followed an asset freeze and the launch of a federal investigation into the fired advisor’s RIA.

The Justice Department disclosed a felony probe the day before the broker’s termination.

The broker misappropriated his clients’ investment money for rent, credit card bills and other personal uses, investigators say.

The two IBDs have agreed to pay restitution in one of the largest securities fraud cases in the advisor’s home state.

Spanning 50 federal districts, the case involves criminal and civil charges for as many as 200 defendants.

Caleb Fackrell repeatedly called his behavior “insane” in his testimony, according to transcripts obtained by Financial Planning.

Authorities say the now barred broker concealed his fraud through a variety of methods, including by creating falsified tax forms and lying to accountants.

The regulator charged the firm and its owner with fraud in a case centered on commissions and 12b-1 fees.

The former broker met some of his roughly 60 victims through his associations with the NFL and the University of Virginia, where he also played football, federal prosecutors said.

He intercepted checks from her home when she wasn’t there and forged her signature to steal her money, investigators say.