Colorado Regulators Target Financial Advisor Over Risky Client Investments
1 report, 1 independent
Updated Fri 00:00
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What happened
Colorado securities regulators found that a financial advisor in Canon City, Colorado, directed clients, many of whom are senior or elderly, into risky, semi-liquid Interval funds. The advisor's firm manages $16.1 million for 113 clients. The regulator previously sent deficiency letters to the firm in 2021 and 2024 for failing to adhere to industry standards regarding client information used for investment recommendations, according to a September consent order.
From investmentnews.com
Why it matters
The regulatory action highlights concerns over the sale of illiquid products to older clients who may require quick access to their funds for emergencies. As part of the consent order, the advisor agreed to hire a compliance officer.
From investmentnews.com
Who's involved
- HahnFinancial advisor whose firm was subject to regulatory action in Colorado