Mark MacArthur – son of a prominent pastor and author John MacArthur – has been charged by the Securities and Exchange Commission for defrauding clients for $16 million in an investment scheme.
According to the SEC complaint, MacArthur, his former business partner Robert Gravette and the company they co-owned until MacArthur left between 2016 and 2017, Criterion Wealth Management Insurance Services, Inc., failed to disclose a financial conflict of interest while brokering an investment deal. The complaint, which was filed on February 12, claims that MacArthur and Gravette encouraged advisory clients to invest more than $16 million in “four private placement funds” without disclosing that they had been paid a sum of more than $1 million of side compensation by the private placement fund managers. Reportedly, the side compensation was reoccurring and hinged on the accused parties keeping clients […]
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