According to ThinkAdvisor.com, the 12 worst financial advisors in America are:
- Joe Bonnett: Bonnett failed to account for $1.35 million of client funds. He was charged with first-degree forgery and insurance fraud. Bonnett committed suicide while out on bond.
Securities America, Omaha, Nebraska, January 1995 until October 2015
- Michael Donnelly: Donnelly was found guilty of scamming“elderly and unsophisticated clients” out of $2 million. He used the money for his own personal use. He was sentenced to 99 months in prison and barred from the industry.
Coastal Investment Advisers, Wilmington, Delaware
- Bradley Smegal: Smegal faced two counts of securities fraud for allegedly stealing $5 million from clients and running a ponzi scheme.
Wells Fargo, Minneapolis, Minnesota, March 2006 until November 2011
- Levi Lindemann: Lindemann was sentenced to 74 months in prison and ordered to pay $1.9 million in restitution after pleading guilty to mail fraud and money laundering.
JP Turner, Oakdale, Minnesota, November 2010 until March 2012
- Robert Lunn: Lunn invested $20 million of former NBA player Scottie Pippen’s money and was then convicted on five counts of bank fraud, including forging Pippen’s signature on a $1.2 million loan he used for personal gain. Lunn was sentenced to three years in prison.
Lunn Partners Securities, Chicago, Illinois, April 1996 until October 2004
- Charles Banks: Banks was charged with securities fraud after scamming Tim Duncan, former San Antonio Spurs star, our of $20 million. His case is pending.
CSI Capital Management, Santa Barbara, California, March 2000 until September 2011
- Ash Narayan: Narayan allegedly stole more than $30 million from former pro athletes, and invested it in The Ticket Reserve Inc., a company of which he owned 3 million shares. He also forged documents and earned $2 million in hidden compensation.
RGT Wealth Advisors, Irvine, California, June 2003 until March 2016
- Robert Tricarico: Tricarico allegedly stole from elderly clients, wrote checks to himself and misappropriated funds. He was sentenced to 3.4 years in prison and ordered to pay $1.2 million in restitution.
LPL Financial, Westport, Connecticut, May 2011 until January 2015
- Tom Andrews: Andrews stole $9 million from friends and neighbors in Utah. He allegedly told them to invest in a bogus bank. He is awaiting trial and has pleaded guilty to securities and mail fraud.
LPL Financial, Salt Lake City, Utah, September 2005 until October 2015
- Daniel Thibeault: Thibeault allegedly stole $15 million from his customers and family members, including his mother. He was sentenced to nine years in prison.
Goldman, Sachs, New York, New York, September 1998 until March 2000
- Terry McCoy/Ami Forte: McCoy and Forte were charged with “elder exploitation, breach of fiduciary duty, constructive fraud, negligence and negligent supervision,” after they made unauthorized trades in the account of Roy Speer, co-founder of the Home Shopping Network. Forte also had an affair with Speer.
Morgan Stanley, Palm Harbor, Florida, June 2009 until April 2016
- Aequitas Management: The firm and its top executives, Robert Jesenik, Brian Oliver and N. Scott Gillis allegedly solicited millions of dollars to stave off the collapse of the company. The executives took in more than $2.5 million in salaries in two years. The firm is currently in receivership and over $400 million in client funds are allegedly missing.