Investment Adviser Representative Pays Restitution After Soliciting Elderly Client for Personal Loan
Secretary of State
The division began an investigation in January after receiving notification from Trustmont that Elder was fired for failing to report tax liens in a timely manner. Elder was also fired for violations of "fiduciary duty and conflict of interest rules" related to a
Instead of making cash payments to the client, Elder discounted the client's advisory fees and failed to repay the loan. He says he used the funds "to help achieve some financial stability for both personal and business related expenses."
"Investment advisers have a fiduciary duty to their clients to act and provide investment advice in their client's best interests," Securities Commissioner
Elder consented to findings by the commissioner and agreed to pay restitution in the amount of
Ashcroft urges all investors to know the risks. If you have any questions about an investment opportunity or wish to check the background and registration status of a financial adviser or firm, please call the toll-free investor protection hotline at 800-721-7996, or go online to www.sos.mo.gov/securities to file a complaint.
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