Financial crimes

The Advisor Group IBD missed 55 alerts suggesting suspicious disbursements by clients of Hector May, according to the SEC.

The Internal Revenue Service is focusing on cryptocurrency tax evasion with virtual currencies like Bitcoin and nonfungible tokens, employing data analytics to uncover transactions that crypto users assumed were hidden.

The judge declined the barred rep’s request for sentence reduction based on his “severe” bipolar disorder and restitution efforts.

The barred ex-rep funneled clients’ money into a shell company he falsely called a sub advisor, according to investigators.

The barred ex-Mutual of Omaha rep stole from 27 mostly older fellow members of his church, YMCA and local business organizations, investigators say.

After Brooklynn Chandler Willy recommended that the clients invest $100,000 into an LLC, its principals were arrested on federal fraud charges, the filing says.

The giant retirement plan recordkeeper’s BD didn’t adequately file suspicious activity reports for more than three years, according to investigators.

Moves and news at Macquarie, Rockefeller, Vanguard, Orion, and elsewhere in the financial-advice industry this week.

Prosecutors say Carlos Kepke conspired with Smith from 1999 to 2014, and aided and assisted in the preparation of materially false tax returns.

After a month of failed attempts to recover the cash, a Louisiana woman was arrested on charges of bank fraud, theft and illegal transmission of monetary funds.

The police, FBI, SEC and IRS, among other agencies, have been trying to track ex-advisor Chris Burns for months, to no avail.

The wealth managers paid victims restitution prior to one barred rep’s guilty plea and another one’s sentencing.

The broker allegedly spent his client’s money on luxury items then pivoted to a Medicare fraud scam a couple of years later.

Three recent criminal cases raise concerns that wealth managers and regulators aren’t detecting alleged fraud quickly enough or disclosing basic information about crimes and disciplinary problems.

He allegedly used the money to pay gambling debts and credit card bills, according to federal prosecutors.

The 33-year-old advisor allegedly spent clients’ money on luxury items and business expenses for his startup.

Wealth managers acting as “downstream broker-dealers” allegedly made $187 million in commissions and other selling fees on GPB Capital investments.

A dead client, an advisor accused of murder and fraud, and an industry that didn’t see it coming.

The Internal Revenue Service’s Criminal Investigation Division issued a warning Thursday about a new wave of COVID-19 scams tied to the latest round of stimulus payments, especially targeting taxpayers in the District of Columbia.