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

The banker was accused of directing a scheme that tacked hidden fees onto billions of dollars’ worth of trades by sovereign funds and other investors.

The lawsuit follows a complaint by the SEC alleging that five men and three companies defrauded more than 600 investors.

Advisors recommended that clients sell positions in complex structured products to rack up fees, says the regulator.

Prosecutors are presenting evidence of his training in securities markets to show that he'd likely know the information was purloined.

Some of the proceeds went to commission a song with the lyrics: “Pop champagne in L.A., New York to Florida; buy another bottle just to spray it all over ya,” says the SEC.

The regulator obtained an emergency asset freeze against the advisor.

The advisor told the client that she could pre-pay her advisory account fees at a discount by writing him a $7,400 check, FINRA claimed.

Other states are likely to enter similar agreements with the broker-dealer.

Cory Redding couldn't retire after the 2014 season and played another year to recoup some of his losses.