March 29, 2024
By Rachel Scharf (March 22, 2022, 4:34 PM EDT) — The U.S. Securities and Exchange Commission scored an Atlanta jury verdict Monday finding a former affiliate of LPL Financial illegally netted $1.7 million by convincing hundreds of federal employees to shift their retirement savings into higher-fee investments.

Following a 10-day trial in Georgia federal court, jurors returned a complete verdict in favor of the SEC’s 2017 claims against ex-LPL-registered representative Federal Employee Benefit Counselors and the company’s former CEO, Jonathan Dax Cooke.

The jury held FEBC and Cooke both violated the anti-fraud provisions of the Securities Exchange Act of 1934 and the Securities Act of 1933 by tricking civil servants into…

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