| You would think the last person a financial advisor would try to rip off would be the former heavy weight champion of the world. But Brian Ourand, formerly of Live Nation-owned financial advisory firm SFX Financial Advisory Management Enterprises, admitted to stealing some $1 million from Mike Tyson, as well as celebrity athletes Glen Rice and Dikembe Mutombo. Ourand would forge their signatures on checks he wrote to himself for cash, as well as take out credit cards against their accounts. That includes $40,000 he paid himself after covering $5,000 of the hospital bill for Tyson’s four-year-old daughter, who accidentally strangled herself to death after getting tangled in a cord attached to a treadmill. Ourand used the money for “tanning salons, dental work, clothing, restaurants, home improvement purchases and private school tuition for his girlfriend's relative.”
Investor Activity Was Positive in January
The Investor Movement Index, a behavior-based index produced by TD Ameritrade, showed Main Street investor reactions to the market trended positively in January. The index showed a reading of 5.71 last month, up from 5.48 in December, meaning retail investors increased their exposure to the markets. Among those in the financial sector, JP Morgan Chase & Company (JPM) and Bank of America Corp. (BAC) were net buys.
Advisors Aren't Delaying Fiduciary Rule Compliance
Despite Donald Trump's executive order delaying the Department of Labor's fiduciary rule, advisors are still rolling out their compliance plans, according to a Fidelity survey, which polled approximately 1,000 broker/dealer advisors and RIAs. Forty-four percent of advisors have not extended their timelines to comply with the regulation, which was supposed to take effect in April, and an additional 19 percent are only slightly delaying the implementation of the rule. A recent Wealthmanagement.com report also found that a number of industry experts expect advisors to comply with the DOL rule–no matter what happens in Washington–largely due to market forces. READ MORE OF THE DAILY BRIEF |
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