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Frontier Wealth Management, LLC Too Big To Kick off the Platform?

On September 3, 2021 the SEC published an Administrative Proceeding against Frontier Wealth Management, LLC and Shawn Sokolosky. There was disgorgement and fines and a cease and desist. It was a beatdown. It happens right? The SEC said Frontier, "Frontier Did Not Adopt or Implement Reasonably Designed Policies and Procedures Relating to Suitability and Failed Reasonably to Supervise its IARs". I reached out to Frontier to see if their custodians / clearing houses - Schwab or Fidelity - booted them off the platform. According to the last ADV filed for Frontier they had AUM of $3.6B. I emailed Frontier twice, and did not receive a response. My question for them was simple...........Are you still on the platform? I am betting they are still on the platform. I am betting that no letters were sent to any account holders. I also submit if they had $36M of AUM, they would have been kicked to the curb and all the account holders would have received notice.


FCG Wealth Management, LLC - Crazy Story Man.

On August 30, 2021 the SEC published a Final Judgment against Michael A Bressman who was charged with a Cherry Picking Scheme. I just love that term, Cherry Picking......Anyway, Michael worked for FCG Advisors, LLC or FCF Wealth Management, LLC, or just plain old FCG Advisors. This was a doozy of a story. According to the IARD Michael was an Investment Advisor with FCG Wealth Management, LLC from 2015-2018. The last ADV filed by these guys was September 25, 2020 and they reported 1.185B AUM. If you look at the FCG website you see under Legal Disclosures, Clearing and Custody that they used Fidelity and Schwab. But Lo and Behold, like the rabbit in the hat, FCG is now part of Cambridge. According to a published press release, Cambridge welcomed FCG on September 30, 2020 into the "Cambridge Nation" as an enterprise. One can only assume this compliance event was made known to Cambridge before the merger. I wonder if losing a platform had anything to do with the merger. I wonder if Fidelity or Schwab played any part in this? I reached out to FCG but they did not respond.


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Read today’s SEC action against Schwab. They were fined $187M for egregious behavior. They lied to their clients. Maybe they should be kicked off their own platform!!!

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Broker Dealers seem quite casual, if not indifferent, to informing RIA clients that they have terminated the contract with their advisor. Almost like telling a motorist he left his car lights on. Broker Dealers refer to these individuals as account holders, while RIA's refer to them as clients. If you ask a compliance person at a Broker Dealer how the recipients of the notice of termination are likely to "feel" after receiving notice, they will show you that they have not given the matter much thought, and really don't care. 

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