The clients of RIAs who use the custodial platforms will clearly benefit from lower costs, yet advisors are not without concerns about the development."The thing you wonder is if commissions are going away, will costs rise in other areas," said Matthew Young, president of Richard C. Young & Co., a Naples, Florida-based firm that uses Fidelity for custody of client assets
Merrill Lynch terminated Lee's employment in April 2018, citing a "failure to personally complete mandatory firm compliance training" as a reason for his firing in a filing submitted to FINRA the following month.Under the settlement, Lee accepted a suspension of 18 months, during which he is not permitted to associate with any FINRA member firm, and agreed to a fine of $15,000.
On November 6, 2019, the U.S. District Court for the Southern District of New York entered an order dismissing with prejudice the U.S. Securities and Exchange Commission's complaint against Tyler Peters. The court's order was based on the SEC's motion to dismiss its claims against Peters. This matter related to Peters' role in buying and selling residential mortgage-backed securities at Nomura Securities International.Peters, along with the two other defendants in the SEC's civil lawsuit, was also criminally charged by the U.S. Attorney for the District of Connecticut based on some of the same facts underlying the SEC's action. Peters was acquitted in the criminal case after a jury trial.
From 2006 through 2017, Kuljko spun a false story about himself as a wealthy man who won millions in the Ohio Lottery that he turned into hundreds of millions by investing in a Texas oil business and casinos. Kuljko solicited money from people by telling them that his vast fortune had been frozen in a bank account because of problems with the IRS, and that he needed money to pay for lawyers and to travel around the world to try to free up those funds. Kuljko operated his scheme mostly behind the scenes, using an associate in Arizona to solicit funds. Victims were promised huge returns, in many cases more than a million dollars for providing tens of thousands to assist Kuljko. The scheme also involved soliciting money to obtain and market what Kuljko represented as an extremely valuable, large uncut emerald. As with his other representations, the emerald deal was fictitious. In fact, the evidence at trial established that Kuljko had never won the lottery or invested in any Texas oil venture, had no bank account nor hundreds of millions of dollars, and the IRS was not tying up any of his money. Kuljko instead worked out of his home, buying and selling things like used snow blowers and rototillers.