The Securities and Exchange Commission has obtained an asset freeze against a Sarasota, Fla.-based investment adviser, Kinetic Investment Group, and its managing member, Michael Scott Williams, in connection with an alleged fraud.
Mr. Williams and his firm sold unregistered securities, raising approximately $39 million from at least 30 investors located mostly in Florida and Puerto Rico for their purported hedge fund, Kinetics Funds, according to the complaint filed in the U.S. District Court for the Middle District of Florida.
The SEC alleges Mr. Williams and the firm made material misrepresentations to investors, saying that Kinetic Funds’ largest sub-fund invested solely in U.S.-listed financial products and that at least 90% of its portfolio was hedged using listed options. Mr. Williams actually invested a significant part of the sub-fund’s assets in a private start-up company he owned, and misappropriated at least $6.3 million through undisclosed loans to himself and his entities, according to the complaint.
A federal granted the SEC’s request for emergency relief, including an asset freeze and an order for records preservation, against Kinetic Group, Mr. Williams and a number of companies charged by the SEC as relief defendants. The court also granted the SEC’s request to appoint a receiver for the firm.
Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.
Futures indicate stocks will build on Tuesday's rally.
Cost of living still tops concerns about negative impacts on personal finances
Financial advisors remain vital allies even as DIY investing grows
A trade deal would mean significant cut in tariffs but 'it wont be zero'.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
