A Las Vegas baggage handler found himself in hot water with the regulators after allegedly accumulating more than $170 million in assets under management as an unregistered advisor. Marcos Tamayo, 46, settled charges that he operated as an unlicensed investment advisor for 14 years today in an SEC administrative proceeding. Tamayo allegedly founded “Bored at Work Retirement Services,” an unregistered investment advisor business, in his home in 2003, offering investment advisory services to his colleagues. According to the SEC’s complaint, Tamayo’s clients gave him online access to their airline retirement accounts, where he allocated their assets and made trades on their behalf for a $300 annual fee. Tamayo would use a “market timing” strategy with client accounts, pouring all of their assets into a single mutual fund available through the retirement plan, then selling everything when he felt like the time was right, said the complaint. He would invest client assets in a bond fund while waiting to choose the next investment. Bored at Work began to grow rapidly near the end of 2015 when Tamayo allegedly made Facebook posts falsely claiming to have approximately $1 million in his own retirement account.
from FA News https://www.fa-mag.com/news/sec--las-vegas-baggage-handler-hit--172m-aum-as-an-unregistered-advisor-51773.html
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