The advisor was accused in a lawsuit in January of swindling a Georgia couple out of $330,000 in retirement savings.

Critics say the SEC isn’t living up to promises made when Jay Clayton became chairman.

The broker used the funds to pay his mortgage, FINRA claimed.

The fraudulent investments advertised guaranteed returns of up to 8% annually, the regulator says.

Howard Price III used the funds to make purchases at clubs, bars and restaurants, say regulators.

Dean Mustaphalli "deceived the clients that trusted him," New York Attorney General Barbara Underwood said.

The advisor told victims that he would invest their money in Royal Alliance brokerage accounts but instead used the funds to make BMW car payments and pay for personal expenses, prosecutors claimed.

The advisor defrauded some 100 clients by persuading them to invest more than $71 million in 16 private funds offered by his two investment advisory companies, the SEC claims.

Former advisor Paul Marshall's prison term "will be little solace to the dozen victims who lost their life savings due to his greed and callous concern for their well-being,” the FBI says.

Clients thought they were investing in real estate developments that would be flipped for profit.

Overall, the advisor defrauded at least nine clients out of $1 million, which he used to pay for tuition and mortgage payments, federal prosecutors say.

The Ponzi-like scheme used investor funds to pay other investors’ debts and cover personal expenses.

The advisor convinced the couple to transfer their retirement savings, but they claim the money never made it to their accounts. Their attorneys say there are other victims.

The dirty little secret about elder exploitation is that almost 60% of cases involve a perpetrator who is a family member, according to a 2014 study.

State regulators and the No. 1 IBD struck a settlement after investigators found the firm guilty of negligence and a failure to supervise.

The advisor fooled her victims into thinking she would invest their funds when in fact she used the money to buy luxury items and real estate, prosecutors claim.

The defrauded clients included the advisor’s own in-laws, who had suffered from Alzheimer’s and a debilitating stroke.

The payout brings the distribution to more than $1.2 billion, a fraction of the more than $50 billion scam.

One couple in their eighties invested more than $700,000 with the alleged schemers, representing almost the entirety of their cashed-out pension, regulators say.

A recent report about bad incentives for brokers "did not accurately reflect how we do business and serve our clients," said Jon Weiss, head of wealth and investment management.