Phoenix, Ariz. - The Arizona Corporation Commission ordered David J. Volpe of Scottsdale to pay $459,500 in restitution and a $65,000 administrative penalty for committing securities fraud. As a result, the Commission revoked Mr. Volpe's securities salesman registration.
The Commission found Mr. Volpe sold to his long-term client with cognitive impairment unregistered investment contracts in a defunct company, issuing false invoices to reflect the client's investment. Mr. Volpe also sold this client an unregistered note in a dotcom company. Both investment offerings were not on record at Mr. Volpe's employer, a securities dealer.
Additionally, the Commission found that, while registered as a securities salesman, Mr. Volpe engaged in dishonest and unethical conduct by borrowing money from the same client. In 2021, the Maricopa County Superior Court appointed a permanent guardian and permanent conservator to Mr. Volpe's client.
All documents relating to this agenda item can be found in the Corporation Commission's online docket at https://edocket.azcc.gov and entering docket number S-21086A-19-0284.
The Institutes Knowledge Group Named SITE Award Winner for Outstanding Leadership and Support for a Third Time
Guardian releases The 2024 Guardian Annual and record-breaking financial results
Advisor News
- Estate planning during the great wealth transfer
- Main Street families need trusted financial guidance to navigate the new Trump Accounts
- Are the holidays a good time to have a long-term care conversation?
- Gen X unsure whether they can catch up with retirement saving
- Bill that could expand access to annuities headed to the House
More Advisor NewsAnnuity News
- Insurance Compact warns NAIC some annuity designs ‘quite complicated’
- MONTGOMERY COUNTY MAN SENTENCED TO FEDERAL PRISON FOR DEFRAUDING ELDERLY VICTIMS OF HUNDREDS OF THOUSANDS OF DOLLARS
- New York Life continues to close in on Athene; annuity sales up 50%
- Hildene Capital Management Announces Purchase Agreement to Acquire Annuity Provider SILAC
- Removing barriers to annuity adoption in 2026
More Annuity NewsHealth/Employee Benefits News
Life Insurance News
- How ILITs are reinventing legacy planning post-OBBBA
- AM Best Affirms Credit Ratings of Lonpac Insurance Bhd
- Reinsurance Group of America Names Ryan Krueger Senior Vice President, Investor Relations
- iA Financial Group Partners with Empathy to Deliver Comprehensive Bereavement Support to Canadians
- Roeland Tobin Bell
More Life Insurance News