Advisor says SEC has no authority to regulate his insurance sales

July 18, 2023 by John Hilton

A Massachusetts advisor is leaning into the state regulation of insurance as a defense against fraud allegations lodged by the Securities and Exchange Commission (SEC).

Jeffrey Cutter, who is also an insurance agent, filed a motion Friday to dismiss the SEC complaint.

“The Investment Advisers Act of 1940 does not apply to an alleged scheme to generate insurance-related compensation by a state licensed insurance agent, even if that agent is also associated with a registered investment adviser,” the motion to dismiss reads.

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Originally Posted at InsuranceNewsNet on July 17, 2023 by John Hilton.