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Articles by Kenneth Corbin
Barred former LPL financial advisor faces 10 counts of fraud in alleged $2 million Ponzi scheme
A former LPL Financial advisor is facing 10 counts of wire fraud for allegedly orchestrating a Ponzi scheme that resulted in more than $2 million in client losses. The Justice Department announced the indictment of William Tunink, 73, of West Des Moines, Iowa, on Tuesday. Prosecutors allege that from February 2022 through May 2025, Tunink raised money from more than 50 investors, offering purportedly exclusive investment opportunities to purchase shares from his business partners.
The IRS is taking a closer look at 351 exchanges. Here's the issue worrying regulators.
The Internal Revenue Service is warning about potential abuses of a longstanding rule that has helped investors defer capital-gains taxes. Investment advisors should take note. The IRS recently issued guidance fleshing out its views of 351 exchanges, the mechanism in the tax code that allows investors to convert appreciated assets into exchange-traded funds or other pooled vehicles.
The IRS is taking a closer look at 351 exchanges. Here’s the issue worrying regulators.
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Wells Fargo, Merrill Lynch to pay $4.4 million for alleged commission overcharges
Wells Fargo and Merrill Lynch have agreed to pay state regulators $4.4 million to settle allegations that they charged clients excessive commissions on more than 256,000 equity transactions. The settlement is the culmination of an investigation by eight states, led by Massachusetts, into what regulators described as widespread overcharges on small-dollar trades. Wells Fargo was the focus of most of the allegations.
Merrill Lynch’s Fee-Based Advisory Assets Just Hit a Record $1.9 Trillion
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Rockefeller Recruits $1 Billion Financial Advisor Team From Truist — Barrons.com
Rockefeller Recruits $1 Billion Financial Advisor Team From Truist — Barrons.com Rockefeller Capital Management has recruited a five-person financial advisor team from Truist Advisory Services, where it oversaw about $1 billion in client assets. The Piedmont Wealth Partners team joined Rockefeller on Wednesday, according to registration records. Truist declined to comment on the departure. Piedmont, based in Charlotte, N.C., includes three advisors and two support staffers.
Rockefeller Recruits $1 Billion Financial Advisor Team From Truist
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SEC Proposes Framework for Advisor Custody of Cryptocurrencies — Barrons.com
SEC Proposes Framework for Advisor Custody of Cryptocurrencies — Barrons.com Many investment advisors have been reluctant to engage with clients looking to invest in cryptocurrencies in part due to the nebulous regulatory framework surrounding digital assets. The Securities and Exchange Commission is looking to change that.
Week's Best: Earning $500,000 and Still Living Hand to Mouth? Goldman Sachs Says It's True. — Barrons.com
Week's Best: Earning $500,000 and Still Living Hand to Mouth? Goldman Sachs Says It's True. — Barrons.com GS It might be hard to believe, but more than one-third of Americans who earn more than $500,000 a year say they are living paycheck to paycheck and struggle to make headway on their long-term financial goals, according to a new survey from Goldman Sachs.
Concurrent Acquires Spire, a Financial Advisor Platform with $5.4 Billion in Assets — Barrons.com
Concurrent Acquires Spire, a Financial Advisor Platform with $5.4 Billion in Assets — Barrons.com Concurrent Investment Advisors has acquired Spire Investment Partners, a platform supporting more than 30 advisor teams overseeing $5.4 billion in client assets. The deal closed Sept. 30.
Finra Bars Former LPL Broker Who Allegedly Stole $1.7 Million From 2 Clients — Barrons.com
Finra Bars Former LPL Broker Who Allegedly Stole $1.7 Million From 2 Clients — Barrons.com LPLA A former LPL Financial broker has been barred from the industry for allegedly stealing $1.7 million from two clients and funneling the money into an outside business that he operated. Rudy Anguiano, of Chino Hills, Calif., settled the allegations without admitting or denying wrongdoing. Anguiano and his lawyer didn't immediately respond to requests for comment.
SEC moves to expand access to private markets with proposed change to accredited investor rule
More investors could soon have access to private equity and other exclusive, nonpublic assets. On Wednesday, the Securities and Exchange Commission voted unanimously to advance a proposal to expand the criteria for qualifying as an accredited investor, a designation that allows access to private investments and has historically been reserved for the wealthy.
SEC Moves to Expand Access to Private Markets With Proposed Change to Accredited Investor Rule — Barrons.com
SEC Moves to Expand Access to Private Markets With Proposed Change to Accredited Investor Rule — Barrons.com More investors could soon have access to private equity and other exclusive, nonpublic assets. On Wednesday, the Securities and Exchange Commission voted unanimously to advance a proposal to expand the criteria for qualifying as an accredited investor, a designation that allows access to private investments and has historically been reserved for the wealthy.
Many High-Earning Americans Live Paycheck to Paycheck, Goldman Sachs Finds — Barrons.com
Many High-Earning Americans Live Paycheck to Paycheck, Goldman Sachs Finds — Barrons.com GS A big salary doesn't mean you're living comfortably.
SEC Fines Investment Advisor Firm $450,000 Over Undisclosed Conflicts of Interest — Barrons.com
SEC Fines Investment Advisor Firm $450,000 Over Undisclosed Conflicts of Interest — Barrons.com The Securities and Exchange Commission has fined Zoe Financial, a New York registered investment advisor firm, $450,000 for allegedly failing to disclose conflicts of interest related to an advisor-referral service. Zoe settled the charges without admitting or denying wrongdoing.
Waverly Advisors Acquires $1.7 Billion Virginia Financial Advisor Firm — Barrons.com
Waverly Advisors Acquires $1.7 Billion Virginia Financial Advisor Firm — Barrons.com Waverly Advisors, a large registered investment advisor firm based in Birmingham, Ala., has acquired Heartwood Wealth Advisors, a Virginia RIA with $1.7 billion in client assets. The deal, announced Tuesday, closed Friday.
J.P. Morgan Loses Fight to Overturn $4.25 Million Award to Advisor Fired Over Super Bowl Platter — Barrons.com
J.P. Morgan Loses Fight to Overturn $4.25 Million Award to Advisor Fired Over Super Bowl Platter — Barrons.com JPM A federal court in California has ruled that J.P. Morgan Securities must pay the $4.25 million award an arbitration panel granted a former advisor who claimed he was wrongfully terminated over an expense-account dispute. Brent Bodner, now with Wells Fargo, alleged that the unit of JPMorgan Chase had used an expense-reporting error as a pretext to fire him and then poach his clients.
Edward Jones Wins $4.8 Million Award in Dispute With Ameriprise
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Architect of $9.5 million Ponzi scheme sentenced to 9 years in prison
A former broker has been sentenced to nine years in prison for defrauding more than 90 clients in a long-running, $9.5 million Ponzi scheme. Edwin Lickiss Jr., who just turned 79, is set to begin serving his prison term Oct. 30. Lickiss, of Danville, Calif., pleaded guilty to wire fraud and money laundering in May, acknowledging his role in a scheme that lasted nearly 30 years, defrauding many members of his community who considered him a trusted advisor and friend.
Corient Plants a Flag in Cayman Islands With $2.6 Billion Acquisition — Barrons.com
Corient Plants a Flag in Cayman Islands With $2.6 Billion Acquisition — Barrons.com Corient is continuing its international expansion with the acquisition of FortCay Family Advisory, a wealth manager based in the Cayman Islands that oversees $2.6 billion of client assets. The deal is expected to close in the fourth quarter. FortCay is led by advisors Billy Harty and Matt Houghton, who founded the firm in 2023 along with Hank Swartout and Blake Ducharme.
A former financial advisor duped 64 victims out of millions. Now he is headed to prison.
A former financial advisor has been sentenced to 11 years in prison for orchestrating a $36 million Ponzi scheme that ensnared dozens of victims. Siddharth Jawahar pleaded guilty to three counts of wire fraud in January. From 2016 through 2023, Jawahar solicited more than $35 million from his victims through an investment company he controlled called Swiftarc Capital.
Cerity Partners Recruits 2 New York Financial Advisor Practices With $1.4 Billion in Client Assets — Barrons.com
Cerity Partners Recruits 2 New York Financial Advisor Practices With $1.4 Billion in Client Assets — Barrons.com Cerity Partners is expanding its presence in its home market of New York City with the addition of the Contant-Leit and Wacht Groups, two financial advisor teams that oversaw a total of $1.4 billion in client assets with Shufro Rose. The advisors are expected to join Cerity Sept. 30.
UBS Financial Advisor Team Managing $1.25 Billion Exits for NewEdge Capital — Barrons.com
UBS Financial Advisor Team Managing $1.25 Billion Exits for NewEdge Capital — Barrons.com 0UB NewEdge Capital Group has recruited an eight-person financial advisor team away from UBS, where the practice oversaw $1.25 billion in client assets. The team, based in the Minneapolis suburb of Wayzata, Minn., joined NewEdge on Monday, according to registration records.
Arbitration panel orders Schwab to pay $1.3 million for failing to spot elder fraud in crypto scam
An arbitration panel has ordered Charles Schwab to pay more than $1.3 million to resolve allegations that it failed to respond to red flags indicating an elderly client had fallen prey to a crypto scam. Swindlers apparently convinced the man, 82 at the time, that he owed money in connection with a refund they said he received in error and gained access to his computer, according to Scott Greco, the lawyer for the claimants.
Former LPL Financial Boss Dan Arnold Joins Wealthtech Firm — Barrons.com
Former LPL Financial Boss Dan Arnold Joins Wealthtech Firm — Barrons.com LPLA Dan Arnold, the former CEO of LPL Financial who was ousted for unspecified reasons, has taken a role as executive chairman of the board at Stirlingshire Investments, a New York-based wealth manager and technology provider.
Week's Best: Schwab Hikes Minimums on Popular Tax Strategy — Barrons.com
Week's Best: Schwab Hikes Minimums on Popular Tax Strategy — Barrons.com SCHW WLTH Charles Schwab is raising the minimum account balance for a tax-smart strategy favored by investment advisors who use Schwab's trading platform. Starting Sept. 16, investors who want to take advantage of Schwab's long/short separately managed accounts will need minimum balances of $10 million, up from the current minimum of $1 million. Schwab says the change will affect only new accounts, not existing ones.
Bain Capital-Backed Envestnet to Acquire Vestmark in Major Wealthtech Merger — Barrons.com
Bain Capital-Backed Envestnet to Acquire Vestmark in Major Wealthtech Merger — Barrons.com Envestnet, a leading technology provider to wealth management firms, is acquiring Vestmark, a portfolio manager and fintech provider with $2 trillion in assets on its platform. The deal is expected to close in the fourth quarter.
Merrill Recruits 3 Advisor Practices With $1.7 Billion in Client Assets — Barrons.com
Merrill Recruits 3 Advisor Practices With $1.7 Billion in Client Assets — Barrons.com MS WFC Merrill Lynch has recruited three financial advisor practices away from rivals in the wealth management space. The advisors, who joined Merrill from Morgan Stanley, Truist, and Wells Fargo, oversaw more than $1.7 billion at their former firms.
UBS Hires 3 Financial Advisor Teams With $2.6 Billion in Client Assets — Barrons.com
UBS Hires 3 Financial Advisor Teams With $2.6 Billion in Client Assets — Barrons.com 0UB UBS has recruited a trio of financial advisor teams managing around $2.65 billion in client assets. The teams joined UBS on Friday, according to registration records. The Mason Cisney Alcon Wealth Management Group, based in Pueblo, Colo., managed $1.4 billion at Morgan Stanley and produced annual revenue of more than $3.5 million.
IRS Audit-Related Revenue Plunged 35% Last Year. Blame Staff Cuts. — Barrons.com
IRS Audit-Related Revenue Plunged 35% Last Year. Blame Staff Cuts. — Barrons.com IRS staff reductions in the 2025 fiscal year coincided with a decrease in the tax revenue the agency brought in via enforcement actions, according to a new report from the Treasury Department's inspector general for tax administration. The report warns that recent workforce cuts could undermine the agency's ability to execute its mission. In fiscal 2025, which ended Sept.
UBS Snags $1.4 Billion Bernstein Private Wealth Management Team in L.A. — Barrons.com
UBS Snags $1.4 Billion Bernstein Private Wealth Management Team in L.A. — Barrons.com 0UB UBS has recruited an eight-person Los Angeles wealth management team that oversaw more than $1.4 billion with Bernstein Private Wealth Management, a unit of AllianceBernstein.
Sequoia Financial Expands in Colorado With $2.3 Billion Acquisition — Barrons.com
Sequoia Financial Expands in Colorado With $2.3 Billion Acquisition — Barrons.com Sequoia Financial Group is expanding its presence in Colorado with the acquisition of BSW Wealth Partners, a registered investment advisor firm with $2.3 billion in client assets and offices in Boulder and Denver. The deal, announced Tuesday, closed on Monday. BSW was founded in 1992 and provides financial planning and other wealth management services to individuals and families throughout the country.
Citizens Private Wealth Recruits $1 Billion Financial Advisory Duo From Northern Trust — Barrons.com
Citizens Private Wealth Recruits $1 Billion Financial Advisory Duo From Northern Trust — Barrons.com CFG Citizens Financial Group has recruited a two-person financial advisory team in Florida's Tampa market away from Northern Trust, where they oversaw more than $1 billion in client assets. Chris MacLellan and Katie Bickle, who lead MacLellan Bickle Wealth Partners, joined Citizens Private Wealth on Aug. 20. Citizens announced the move on Wednesday.
Private-Equity Firm Vistria Is Buying Stake in $14 Billion Wealth Manager Curi Capital — Barrons.com
Private-Equity Firm Vistria Is Buying Stake in $14 Billion Wealth Manager Curi Capital — Barrons.com The Vistria Group, a private-equity firm with holdings across the financial services sector, is taking a majority stake in Curi Capital, a Chicago-based registered investment advisor firm with more than $14 billion in client assets under advisement. The deal is expected to close in late September. Curi's existing shareholders, including its employee partners, will retain partial ownership stakes.
LPL Financial Recruits $1.6 Billion Advisor Team From Cambridge Investment Research
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A radio host pleaded guilty to a Ponzi scheme. Now her accomplices face 70 years in prison.
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A Radio Host Pleaded Guilty to a Ponzi Scheme. Now Her Accomplices Face 70 Years in Prison. — Barrons.com
A Radio Host Pleaded Guilty to a Ponzi Scheme. Now Her Accomplices Face 70 Years in Prison. — Barrons.com A federal jury in Texas has convicted two individuals for their roles in a Ponzi scheme that also involved former radio host and financial advisor Brooklynn Willey.
Former Fidelity advisor is headed to prison for stealing from elderly client
A former Fidelity Investments advisor has been sentenced to six years and eight months in prison for stealing more than $2 million from an elderly client. Eric Stone, 43, of St. Augustine, Fla., pleaded guilty to wire fraud and money laundering in March.
Former Fidelity Advisor Is Headed to Prison for Stealing From Elderly Client
Eric Stone befriended a 75-year-old client and tricked her into sending him more than $2 million, much of which he spent on foreign gambling websites, according to prosecutors. A former Fidelity Investments advisor has been sentenced to six years and eight months in prison for stealing more than $2 million from an elderly client. Eric Stone, 43, of St. Augustine, Fla., pleaded guilty to wire fraud and money laundering in March. Copyright © Dow Jones & Company, Inc. All Rights Reserved.
Kestra Financial Taps BlackRock Veteran to Head Wealth Management
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Kestra Financial Taps BlackRock Veteran to Head Wealth Management
Kelly Apple will lead Kestra's wealth division as it looks to bolster the services it offers to financial advisors. Kestra Financial has recruited a BlackRock executive to head its wealth management operations. Kelly Apple joined Kestra July 6. Kestra announced the move on Wednesday. Copyright © Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Kestra Financial Taps BlackRock Veteran to Head Wealth Management — Barrons.com
Kestra Financial Taps BlackRock Veteran to Head Wealth Management — Barrons.com Kestra Financial has recruited a BlackRock executive to head its wealth management operations. Kelly Apple joined Kestra July 6. Kestra announced the move on Wednesday. Apple will oversee the broad portfolio of services Kestra offers its financial advisors, including retirement planning, insurance, and alternative investments.
Schwab raises the minimum account size for clients to be referred to outside advisors
Charles Schwab is planning another significant increase to the minimum account size for Schwab Advisor Network, or SAN, a program that refers clients to third-party registered investment advisors who use Schwab as a custodian. Beginning next year, Schwab will only refer clients with $5 million or more in investible assets, up from the current level of $2 million. A Schwab spokeswoman confirms the increase, which will take effect Jan.
HSAs offer big tax breaks, but most Americans don't take advantage of them
Americans are contributing more to their health savings accounts but still aren't taking full advantage of the tax benefits those programs offer, according to new research from the Employee Benefit Research Institute, or EBRI, which has been tracking HSA contributions for more than a decade. In 2024, the most recent year for which EBRI has data, the average HSA balance was $5,532, up nearly 17% from the previous year's mark of $4,747. HSAs offer three potential tax savings.
Main Street Wealth Advisor Edward Jones Is Launching a Hybrid Robo-Advisor. Here's Why. — Barrons.com
Main Street Wealth Advisor Edward Jones Is Launching a Hybrid Robo-Advisor. Here's Why. — Barrons.com Edward Jones is rolling out a hybrid digital investment advice offering in a bid to make its wealth management platform more appealing to younger investors. The Edward Jones Digital Managed Solutions platform will offer self-service tools for investors with access to guidance from the firm's advisors.
Architect of 'what is likely the largest Ponzi scheme in Georgia history' gets 20 years in prison
The architect of a massive Ponzi scheme that bilked more than 2,000 investors out of $380 million has been sentenced to 20 years in prison. A federal court in Georgia on Friday also ordered Todd Burkhalter, 55, CEO of the financial advisory group Drive Planning, to pay $233.8 million in restitution. Two other Drive Planning executives involved in the fraud also received prison sentences last week.
Architect of 'what is likely the largest Ponzi scheme in Georgia history' gets 20 years in prison
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Wealth Enhancement Acquires $644 Million Washington State RIA
The acquisition of Weinand Financial in Olympia, Wash., is Wealth Enhancement's 12th deal to close this year. Wealth Enhancement, a large wealth manager based in Minneapolis, has acquired Weinand Financial, a registered investment advisory firm RIA in Olympia, Wash., with more than $644 million in client assets. The deal, announced Tuesday, closed Aug. 15. Copyright © Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Read More
Wealth Enhancement Acquires $644 Million Washington State RIA — Barrons.com
Wealth Enhancement Acquires $644 Million Washington State RIA — Barrons.com Wealth Enhancement, a large wealth manager based in Minneapolis, has acquired Weinand Financial, a registered investment advisory firm RIA in Olympia, Wash., with more than $644 million in client assets. The deal, announced Tuesday, closed Aug. 15. The team is led by Mike Weinand, a Certified Financial Planner, and includes four support staffers.
Architect of 'What Is Likely the Largest Ponzi Scheme in Georgia History' Gets 20 Years in Prison — Barrons.com
Architect of 'What Is Likely the Largest Ponzi Scheme in Georgia History' Gets 20 Years in Prison — Barrons.com The architect of a massive Ponzi scheme that bilked more than 2,000 investors out of $380 million has been sentenced to 20 years in prison. A federal court in Georgia on Friday also ordered Todd Burkhalter, 55, CEO of the financial advisory group Drive Planning, to pay $233.8 million in restitution.
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