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SEC Says Brokers Made $1.7M Lying To Federal Employees

Law360, New York (July 31, 2017, 5:51 PM EDT) -- The U.S. Securities and Exchange Commission sued four former broker-dealers in Georgia federal court on Monday, saying they pocketed $1.7 million by deceiving hundreds of federal employees into shifting their Thrift Savings Plan retirement accounts into higher-fee variable annuity products.

The investment watchdog said Keystone Capital Partners Inc. — which did business under the name Federal Employee Benefit Counselors — its co-founders Christopher Laws and Jonathan Cooke, and its salesmen Danny Hood and Brandon Long committed securities fraud by giving the false impression that they were...
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