Puerto Rican residents charged the firm with fraud and breach of fiduciary duty.
Executive is former Pershing COO and group president at Envestnet
Broker Lawrence Barber made unauthorized changes to client's account, state charged
Says Yorba Linda, Calif.-based RIA allocated profitable trades to owner, losers to clients.
Although not charged, Shawnet Thibeault had received funds from fraud: SEC.
Says firm and broker Christopher Duke Bennett mishandled retirement accounts.
Many accounts are unfunded and not receiving contributions, group finds.
Regulator scams, some using fake signatures of Finra executives, have been growing.
Client invested $20,000 in a real estate investment controlled by the broker, who later used the money for his own personal use.
Addition of Deerfield, Ill., RIA expands Chicago footprint of St. Louis-based $12.6 billion RIA.
