Financial crimes

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.

The firm’s use of third-party compliance vendors came under scrutiny after an ex-rep pleaded guilty to bilking clients out of $5 million.

Fake name, phony credentials, Ponzi-like payments but real victims — this is what authorities are saying about this business.

James Booth’s seven-year fraud bilked investors out of nearly $5 million.

The Office of the Comptroller of the Currency says JPMorgan Chase’s fiduciary unit lacked sufficient controls to manage risk and avoid conflicts of interest.

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

The advisor allegedly carried out a 20-year scheme defrauding at least 15 clients through forgery and misrepresentations.

The advisor allegedly used an omnibus trading account to help himself and hurt his clients to the tune of tens of thousands of dollars, according to the regulator.