{"id":21323,"date":"2024-01-26T22:12:14","date_gmt":"2024-01-26T22:12:14","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/01\/26\/planner-accused-of-buying-house-with-2m-in-client-funds\/"},"modified":"2024-01-26T22:12:14","modified_gmt":"2024-01-26T22:12:14","slug":"planner-accused-of-buying-house-with-2m-in-client-funds","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/01\/26\/planner-accused-of-buying-house-with-2m-in-client-funds\/","title":{"rendered":"Planner Accused of Buying House With $2M in Client Funds"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/866066093\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2024\/01\/Alexander-Joyce_Linkedin_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2024\/01\/Alexander-Joyce_Linkedin_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<div class=\"the-advisor bullet-summary\">\n<h3>What You Need to Know<\/h3>\n<ul>\n<li>The planner, based in Indiana, is known for his local TV and radio ads.<\/li>\n<li>The cease-and-desist order also targets an advisor who was barred in the state.<\/li>\n<li>ReJoyce Financial says it remains focused on its clients and plans to fight the allegations.<\/li>\n<\/ul>\n<\/div>\n<p id=\"first-para\"><span>The Indiana secretary of state has issued a cease-and-desist order against an unregistered financial planner whom authorities accused of using over $2 million in client funds to buy a house, among other allegations.&nbsp;<\/span><\/p>\n<p><span>The secretary\u2019s securities division issued the order against Alexander Joyce, who allegedly induced several clients to enter into an investment advisor agreement with his firm without being registered as an advisor, and against his related business entities ReJoyce Financial and ReJoyce Wealth Management.<\/span><\/p>\n<p><span>The order also named investment advisor Joel Parady, according to a <\/span><a href=\"https:\/\/events.in.gov\/event\/indiana_secretary_of_state_diego_morales_announces_action_against_carmel_based_financial_planner?utm_campaign=widget&amp;utm_medium=widget&amp;utm_source=State+of+Indiana\"><span>press release<\/span><\/a><span> Wednesday. Parady is listed in FINRA\u2019s BrokerCheck as a registered investment advisor and former registered broker.<\/span><\/p>\n<p>Joyce, Parady and the named businesses were ordered to stop offering or engaging in investment advisor services and offering or selling securities, among other activities. The order petition indicates that Charles Schwab Corp. made a complaint to the secretary of state earlier this month on behalf of two Indiana residents who had recently become Joyce\u2019s clients through ReJoyce Financial.<\/p>\n<p><span>Clients claimed they were drawn to Joyce\u2019s business because of television ads and his offering various financial services, the&nbsp;statement from Indiana Secretary of State Diego Morales said. Joyce, whose LinkedIn profile lists him as ReJoyce Financial\u2019s president and CEO, didn\u2019t disclose to the clients that he wasn\u2019t a registered investment advisor, the <a href=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/documents\/415\/526649\/COMBINED-CD-for-UPLOAD.pdf\" target=\"_blank\" rel=\"noopener\"><span>order petition<\/span><\/a> says.<\/span><\/p>\n<p>In meetings with the clients, Joyce represented that he would transfer their nearly $2.6 million in assets to a new JPMorgan Chase account. A state investigator learned the funds instead were transferred from the clients\u2019 Schwab account to a Chase bank account with Rejoyce Wealth Management listed as the account holder and Alexander Joyce listed as a signer, according to the petition.<\/p>\n<p>More than $2 million of those funds were transferred to a title company to buy a home that was put in ReJoyce Wealth Management\u2019s name, the petition said, citing documentation.<\/p>\n<p><span>\u201cJoyce personally met with clients and discussed how their funds would be invested in \u2018structured\u2019 securities and that the funds would be placed in an account at JPMorgan Chase. By conducting business in this fashion, Joyce is alleged to have violated [the] Indiana Uniform Security Act, which requires all investment advisors and their representatives to be registered in order to conduct business in Indiana,\u201d the release stated.<\/span><\/p>\n<p>Joyce also is alleged to have engaged in securities fraud and investment advisor fraud, according to the release.<\/p>\n<p>Joyce, his two named businesses and Parady \u201cengaged in a device, scheme, artifice to defraud by providing documentation and making misrepresentations regarding establishing of an investment advisor-client relationship and using that relationship to deprive clients of almost $2.6 million dollars,\u201d the order petition states.<\/p>\n<p><span>At the time of the transactions, Joyce was engaged only as a solicitor for another investment advisory firm. A solicitor is someone who is compensated for referring business to investment advisory firms but does not advise clients or make investment decisions on their behalf, the office said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What You Need to Know The planner, based in Indiana, is known for his local TV and radio ads. The cease-and-desist order also targets an advisor who was barred in the state. ReJoyce Financial&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/01\/planner-accused-of-buying-house-with-2m-in-client-funds.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21323"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21323"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21323\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21324"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}