The DOJ claimed that Matthew Piercey touted his bona fides as an investment advisor but stole millions from clients, contending federal investigations against him were merely payback.
The RIA platform rolled out the program in November for advisors who had been independently constructing portfolios and wanted to outsource trading and investment management.
Charles Schwab’s ProDirect, launching in July, will offer independent RIAs third-party vendor deals and business consulting that goes beyond its traditional custodial offering for “entrepreneurial” RIAs.
According to the Justice Department, Julie Anne Darrah would target elderly clients (some of whom were receiving end-of-life care), earn their trust and then steal their money.
According to Chair Paul Atkins, the agency has 4,200 employees, down from a high of 5,000 last year. One former SEC policy advisor said morale is near an all-time low.
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