Saying you are a fiduciary does not mean you are a fiduciary

September 12, 2017 by Danny Sarch

Have you noticed the plethora of recent headlines of bad advisers cheating clients? In case you missed them, here are a few from just the last few weeks:

• SEC says RIA stole $1 million from clients, using some of it to support gambling habit

• RIA adviser gets two years in prison for cherry-picking trades

• Court orders RIA to pay nearly $2 million for defrauding athletes

• Los Angeles RIA charged with defrauding athlete and wife

What do they have in common? All of the accused advisers were RIAs; that is, they were fiduciaries. More accurately, they were pretending to be fiduciaries in order to more easily cheat their clients.

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Originally Posted at InvestmentNews on September 11, 2017 by Danny Sarch.