An ex-American Realty Capital executive allegedly overstated a key accounting metric by roughly $13 million, according to the SEC and federal prosecutors.

The RIA owner got insider tips from an attorney drunk on several glasses of wine, according to the SEC.

Nicholas Mitsakos allegedly used the funds to pay his credit card bills and make payments on his Mercedes, authorities charge.

One of the alleged fraudsters used client funds to pay off gambling debts, according to authorities.

Legislation passed by the House offers advisers protection against liability.