SEC Prevails in LPL Rep Annuity Fraud Case
March 29, 2022 by Melanie Waddell
After a nine-day trial, a jury on Monday in the Northern District of Georgia ruled in favor of the Securities and Exchange Commission against a former registered representative of LPL Financial LLC and Keystone Capital Partners, a firm he co-founded.
Gurbir Grewal, director of the SEC Division of Enforcement, said in a statement that the SEC is pleased with the jury’s verdict holding former registered rep Jonathan Dax Cooke and Keystone Capital Partners Inc., known as Federal Employee Benefit Counselors, “liable for fraudulently selling variable annuities to hundreds of federal employees who were at or near retirement age by falsely portraying himself and his company as counselors hired by the federal government to educate federal employees about their retirement benefits.”
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