The United States District Court for the Central District of California entered a final consent judgment against defendants Red Rock Secured (which now operates under the name American Coin Co.); Sean Kelly, chief executive officer; and managers Anthony Spencer and Jeffrey Ward, ordering defendants to pay more than $76.4 million dollars in disgorgement, interest, and penalties. The judgment resolves the U.S. Security and Exchange Commission’s charges against defendants for their roles in a scheme to defraud retirement account holders out of more than $50 million in connection with defendants’ sales of gold and silver coins between 2017 and 2022. #retirementaccount #fraud #RedRockSecured #AmericanCoinCompany #gold #silver #California #SEC #SecuritiesandExchangeCommission
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Merrill Lynch, Pierce, Fenner & Smith Incorporated – the global investment banking and multiservice brokerage firm and subsidiary of Bank of America Corporation – has agreed to pay $1.5 million in restitution as part of a settlement with the Financial Industry Regulatory Authority. #Merrill, #MerrillLynch #alternativeinvestments #brokerdealer #RIA #FINRA #financialservices #adviser #brokerage #registeredinvestmentadviser #RegBI #BankofAmerica #restitution #violation
FINRA Orders Merrill Lynch to Pay Nearly $1.5 Million in Restitution for Supervisory Failures - The DI Wire
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The advisers of First Summit Capital Management have joined LPL Financial’s broker-dealer, registered investment adviser and custodial platforms – aligning with Momentum Wealth Partners, an existing firm supporting LPL-affiliated advisers. The First Summit team reported having served approximately $380 million in advisory, brokerage, and retirement plan assets and join LPL from PNC Investments. LPL Financial Momentum Wealth Partners Mark Freed CFP®, CRC® Vicki Pearce Doug Frank Scott Posner #financialservices #wealthmanagement #retirementplanning #estateplanning #LPLFinancial #MomentumWealthPartners #PNCInvestments #Delaware #Cooney
Ex-PNC Investments Team With $380 Million in Assets Joins LPL’s Momentum Wealth Partners - The DI Wire
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PGIM Credit Income Fund, a diversified closed-end interval fund managed by PGIM Investments LLC, amended its prospectus to reflect fee changes, effective immediately. #AlternativeInvestments #PGIMCreditIncomeFund #feechanges #commonshares #salesload #salescharge #contingentdeferredsalescharge #liquidity #creditmarkets
PGIM Credit Income Fund Alters Fee Structure on Class A, C Shares - The DI Wire
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Real estate private equity firm Hamilton Point Investments LLC acquired a four-property Houston apartment portfolio totaling 1,174 apartment units, which were built in 2022. The properties were purchased from a Texas-based multifamily developer for $195 million, which represents a cost per unit of $166,100. Three of the assets closed in late June and one closed in May. Real estate private equity firm Hamilton Point Investments LLC acquired a four-property Houston apartment portfolio totaling 1,174 apartment units, which were built in 2022. The properties were purchased from a Texas-based multifamily developer for $195 million, which represents a cost per unit of $166,100. Three of the assets closed in late June and one closed in May. Hamilton Point Investments, LLC Todd W. #hamiltonpointinvestments #AlternativeInvestments #privateequity #texas #houston #privateplacementofferings #registeredinvestmentadviser #RIA #brokerdealer #multifamily #prose
Hamilton Point Acquires Houston Four-Property Portfolio for $195 Million - The DI Wire
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July Fourth is more than just hot dogs and sparklers. It’s a chance to recall the American ideals that have shaped our country – and the globe. The DI Wire Spotlight Marketing Communications Damon Elder #DamonElder #DeclarationoIndependence #AmericanRevolution #liberty #oppression #FrenchRevolution #Constitution #IndependenceDay #JulyFourth #freemarkets #alternativeinvestments
Independence Day: A Celebration of Human Liberty - The DI Wire
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The unanimous Declaration of the thirteen united States of America, When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation. #DeclarationofIndependence #AmericanRevolution #liberty #oppression #IndependenceDay #JulyFourth
‘We Hold These Truths to Be Self-Evident…’ - The DI Wire
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Equitybee, a fintech company and a startup employee stock options funding platform, launched the Venture Portfolio Fund, providing private investors with access to high-growth, venture capital-backed startups through an index-like fund. VPF allows for strategic diversification of 120+ pre-IPO U.S. companies across industry verticals and technologies. Equitybee Oren Barzilai #Equitybee #alternativeinvestments #VenturePortfolioFund #VPF #RIA #registeredinvestmentadviser #startup #tech #AI #aerospace #diversification
Fintech Company Equitybee to Provide RIAs Greater Access to Venture Investments - The DI Wire
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Financial adviser Tre Panagos joined LPL Financial’s broker-dealer, registered investment adviser, and custodial platforms last month. He reported serving approximately $265 million in advisory, brokerage and retirement plan assets and joined LPL from Edward Jones. LPL Financial Edward Jones Generational Asset Planning Edward Jones - Financial Advisor: Tre Panagos Scott Posner #LPL #LPLFinancial #alternativeinvestments #RIA #brokerdealer #registeredinvestmentadviser #adviser #EdwardJones #GenerationalAssetPlanning #Panagos #NewMexico #SantaFe
Financial Adviser Launches Generational Asset Planning Under LPL - The DI Wire
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The regulatory environment for broker-dealers and investment advisers is getting more difficult by the day. Over the course of 2023, we saw the number of Financial Industry Regulatory Authority actions triple, with a 63% increase in fines. Not only did the total number of fines increase, but the number of cases with very large fines also increased. According to the annual Eversheds Sutherland analysis of FINRA disciplinary actions, fines of $1 million or more were up in 2023, and fines of $5 million and more increased as well. Cetera Financial Group Lisa Gok #compliance #brokerdealer #RIA #registeredinvestmentadviser #FINRA #disciplinaryactions #regulatory #RegulationBestInterest #RegBI #enforcement #bestinterest #retirementsecurityrule #fiduciaryrule #disclosure #conflictofinterest #LisaGok #Cetera #guestcontributor
Navigating the Complexities of Reg BI: What Financial Advisers Need to Know - The DI Wire
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Blackstone Real Estate Income Trust Inc. – a publicly registered non-traded real estate investment trust sponsored by private equity giant The Blackstone Group – issued a letter to stockholders revealing it will meet investors’ redemption requests in full for June 2024. This is despite the withdrawals exceeding the fund’s own monthly or quarterly redemption limits for the third time in four months. Blackstone #alternativeinvestments #BlackstoneRealEstateIncomeTrust #realestateinvestmenttrust #BREIT #REIT #redemptions #shareholders #StarwoodRealEstateIncomeTrust #SREIT #sharerepurchaseprogram
BREIT Fulfills Repurchase Requests, Waiving Withdrawal Limits for Third Time - The DI Wire
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