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.