Wednesday, August 16, 2017

California Bars 'Five Star' Advisor, Pulls License From RIA

California has revoked the license of a “Five Star” manager of dozens of private investment funds after uncovering “numerous” alleged crimes. William Michael Jordan, principal and owner of Laguna Hills, Calif.-based William Jordan Investments, was barred from the securities industry on Wednesday via a consent order issued by the California Department of Business Oversight. The same action revoked William Jordan Investments’ license. State regulators allege that Jordan failed to disclose losses to investors, charged fees based on inflated account values and sold unregistered securities through the affiliates. William Jordan Investments reportedly managed more than $100 million in assets for more than 100 investors within more than 20 affiliated private funds, according to state filings.

from FA News http://www.fa-mag.com/news/california-bars--five-star--advisor--pulls-license-from-ria-alleging-fraud-34200.html

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