Pat Donachie

New York

Staff writer @wealth_mgmt. Formerly @EdDiveK12, @TimesLedger, @CityLimitsNews. @newmarkjschool alum. Permanently fledgling musician.

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Articles

Massachusetts Man to Plead Guilty in $3.2M Ponzi Scheme Targeting Haitians

2 weeks ago | wealthmanagement.com | Pat Donachie

A Massachusetts man fraudulently touting bona fides as an advisor will plead guilty to co-running a $3.2 million Ponzi scheme and using COVID-19 small business loan proceeds to keep the fraud afloat, according to the Justice Department. Milendophe Duperier and his girlfriend and business partner, Vanessa Joseph, were both charged with (and agreed to plead guilty to) one count of conspiracy to commit wire fraud.
JPMorgan Seeks Restraining Order Against Advisor Who Joined Ameriprise

2 weeks ago | wealthmanagement.com | Pat Donachie

The firm wants the court to issue a temporary restraining order against former bank branch advisor Patrick Durham as FINRA arbitration progresses. JPMorgan accused a former bank branch advisor who left for Ameriprise of using confidential client information to solicit clients at his new job. J.P. Morgan Securities requested a temporary restraining order against Patrick Durham in Florida federal court this week, seeking to stop him from contacting former clients while FINRA arbitration plays out.
Former Wealth Enhancement Advisor Sentenced for $2.25M Elder Fraud

2 weeks ago | wealthmanagement.com | Pat Donachie

According to the Justice Department, Julie Anne Darrah would target elderly clients (some of whom were receiving end-of-life care), earn their trust and then steal their money. A federal judge sentenced a former Wealth Enhancement advisor to more than 10 years in prison for stealing about $2.25 million from her elderly clients (including several receiving end-of-life care). Julie Anne Darrah pleaded guilty to one count of wire fraud in California federal court last March.
Atkins Testifies on SEC's Shrinking Workforce

2 weeks ago | wealthmanagement.com | Pat Donachie

The Securities and Exchange Commission is looking to fill roles left vacant by the staff exodus in the early months of the Trump administration. According to SEC Chair Paul Atkins’ testimony before the U.S. House Appropriations Subcommittee on Financial Services and General Government today, the number of employees at the SEC’s offices and divisions had dropped by 15% since the start of the fiscal year.
Lawmakers Push to Expand Accredited Investor Definition for Private Markets

2 weeks ago | wealthmanagement.com | Pat Donachie

Two congressmen reintroduced legislation to expand accredited investor pools, while SEC Chair Paul Atkins floated expanding retail access to private funds. Legislators are reintroducing bills to expand retail investors’ private market access, and changes to the law may be closer than ever now that a single party holds both houses of Congress and the White House. Last week, U.S. Rep.
Advisor Pleads Guilty in $35M Ponzi Scheme

2 weeks ago | wealthmanagement.com | Pat Donachie

A self-proclaimed advisor who used an underwater scooter while attempting to flee federal investigators pleaded guilty to running a $35 million Ponzi scheme. California-based Matthew Piercey pleaded guilty last week to wire fraud, money laundering and witness tampering, according to the Justice Department.
Strong Governance Key For Firms' Generative AI Usage

3 weeks ago | wealthmanagement.com | Pat Donachie

During the agency’s annual conference in Washington, D.C., FINRA staff released data showing that registrants primarily used generative AI tools to summarize and answer questions. The gravest risk firms face when opting to use generative artificial intelligence tools is the governance (or lack thereof) in overseeing their usage, according to FINRA staff.
FINRA Crypto Sweep Likely Resulting in Some Enforcement

3 weeks ago | wealthmanagement.com | Pat Donachie

Firms should expect a "small number" of enforcement actions stemming from the targeted exam sweep launched in the wake of FTX's collapse, according to a FINRA enforcement exec. There will likely be a “small number” of formal enforcement actions stemming from the Financial Industry Regulatory Authority's targeted exam sweep of crypto communications launched over two years ago.
Mercer Accuses Former Advisors Of Using 'Trade Secrets' to Solicit Clients

4 weeks ago | wealthmanagement.com | Pat Donachie

Mercer Global Advisors is suing two former employees, accusing them of illegally enticing Mercer clients after the duo left to form their own RIA. In a lawsuit filed this week in Georgia federal court, Mercer accused Ryan Malec and David Weitz of an “unlawful scheme to misappropriate Mercer’s trade secrets and improperly solicit clients” after leaving the firm in 2023 to found the Atlanta-based Unified Investment Management.
LPL on Track for 90% Commonwealth Advisor Retention, Reports Strong Q1 Growth

4 weeks ago | wealthmanagement.com | Pat Donachie

During an earnings call, CEO Rich Steinmeier said LPL was in line to retain 90% of Commonwealth advisors, while CFO Matt Audette said it would be “challenging” for smaller firms to counter LPL’s scale. LPL Financial is “in line” to meet its 90% advisor retention rate goal for Commonwealth Financial Network advisors after announcing the acquisition at the end of March, according to CEO Rich Steinmeier.