Adviser, Atty Settle SEC Charges Over Referral Scheme

Law360, New York (January 9, 2017, 8:03 PM EST) -- A Connecticut-based attorney and an investment adviser on Monday settled the U.S. Securities and Exchange Commission’s allegations that they concocted a scheme to disguise as falsified payments for legal services the attorney’s illicit fees from referring an elderly widow’s financial business to the adviser.

Attorney Peter D. Hershman and John W. Rafal, former president and CEO of Essex Financial Services Inc., agreed to pay $90,000 and $575,000, respectively, for their roles in allegedly failing to disclose the lawyer’s fees for referring a widow with accounts valued...
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