Adviser charged in murder-for-profit scheme

Adviser charged in murder-for-profit scheme
Daniel E. Becerril II arrested Friday, slapped with four felony charges including murder.
MAR 02, 2012
For financial adviser Daniel E. Becerril II, the year started out on a sour note when he was sanctioned by Finra on Feb. 23. Now, that's the least of his worries. The Huntington Beach, Calif., resident and owner of AP Financial Group was arrested last Thursday by Santa Monica, Calif., police for allegedly taking part in a complex murder-for-profit scheme, the Los Angeles Times reports. Law enforcement officials claim Mr. Becerril stabbed to death Alexander Merman, a 35-year-old elementary school teacher, artist and Russian immigrant, in 2008. Mr. Becerril also will face felony charges of forgery, money laundering and grand theft. According to a story in The Sacramento Bee, police allege Mr. Becerril stole hundreds of thousands of dollars from Mr. Merman and killed him when he found out. Detectives say Mr. Becerril owed Mr. Merman $250,000 and stole an additional $300,000 from his investment accounts, and they have amassed enough evidence to link him to Mr. Merman's killing. Police say they uncovered more fraud during the investigation for a total of $700,000 in theft. Police are seeking other people who may have been involved in the scheme, but they would not elaborate, the L.A. Times reported. According to a Financial Industry Regulatory Authority filing last month, a client accused Mr. Becerril of taking his daughter's inheritance (some $11,500) and, instead of investing it in mutual funds, placed the money in his own bank account. Mr. Becerrill was barred from the financial industry after an investigation for misusing customer funds and failing to respond to a request for documents.

Latest News

LPL building out alts, banking services to chase wirehouse advisors, new CEO says
LPL building out alts, banking services to chase wirehouse advisors, new CEO says

New chief executive Rich Steinmeier replaced Dan Arnold on October 1.

Franklin Templeton CEO vows to "do what's right" amid record outflows
Franklin Templeton CEO vows to "do what's right" amid record outflows

The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.

For asset managers, easy experience is key to winning advisors' businesses
For asset managers, easy experience is key to winning advisors' businesses

Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.

Why retaining HNW clients ultimately comes down to one basic thing
Why retaining HNW clients ultimately comes down to one basic thing

New survey finds varied levels of loyalty to advisors by generation.

Stocks drop as investors digest Microsoft, Meta earnings
Stocks drop as investors digest Microsoft, Meta earnings

Busy day for results, key data give markets concerns.

SPONSORED Out with the old and in with the new: a 50% private markets portfolio

A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.