An East Longmeadow, Mass.-based funding advisor, previously with Ausdal Monetary Companions, is in scorching water with the Securities and Alternate Fee after promoting over $300,000 price of consumer property right into a Turkish funding gone unhealthy.
The SEC has charged Richard G. Duncan with fraud, claiming two banks warned the advisor that the Turkish funding was in all probability a rip-off. He didn't disclose these warnings to shoppers, and actually ignored them, whereas additionally promising 100% return on funding on the product, in response to the SEC.
Ausdal Monetary Companions, a company RIA, discharged Duncan in March, citing his failure to comply with agency insurance policies on loans with shoppers and lack of well timed discover of a break-in at his department workplace.
Ausdal spokesman John Hicks declined to remark.
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