Per the provisions of 13:47A-3A.1 Registration of State registered investment adviser representatives, and N.J.S.A. 49:3-56(p), every individual applying for registration as an investment adviser representative must submit to being fingerprinted for a Criminal History Background Check. The State of New Jersey has contracted with a vendor, MorphoTrak, to perform this service.
Category Archives: Criminal
Kenneth Starr, an investment adviser representative, to several celebrities and other wealthy clients, was arrested on May 27th for allegedly using client funds for his own personal use. Starr has been charged in a New York District Court with fraud by an investment advisor, a wire fraud scheme to obtain property, money laundering, false statements in an IRS Filing, and false statements to a federal officer, for fraudulently misappropriating over $30 million of client funds. The Complaint also charges Andrew Stein, an associate of Starr’s, with various tax fraud violations. (Click here for the full Complaint).
Wisconsin Enacts Securities Law that Toughens Penalties for Violations By Investment Advisors Against Seniors
May 18, 2010
Wisconsin has enacted a law which enhances the penalties for violations of the Wisconsin Securities Act if the violations occur against an individual who is 65 years of age or older. The Wisconsin Securities Act prohibits various forms of fraud in connection with the sale or offering of securities or any other securities transactions. Specifically, registered investment advisors, as well as broker dealers, are prohibited form engaging in fraud or employing manipulative, deceptive, or fraudulent devices.
