Acclaimed Connecticut Advisor Accused of Lying to State Investigators

Posted on September 9th, 2016 at 11:38 AM
Acclaimed Connecticut Advisor Accused of Lying to State Investigators

From the Desk of Jim Eccleston at Eccleston Law LLC:

Last month, the state of Connecticut Department of Banking issued a cease-and-desist order against John W. Rafal, the founder and former chief executive of Essex Financial Services, a registered investment advisor and broker-dealer owned by Essex Savings Bank. Mr. Rafal was an acclaimed advisor and ranked 6th in Barron’s 2015 Top 100 Independent Financial Advisors poll.

Mr. Rafal’s brokerage and advisory licenses were suspended in 2015 prior to this cease-and-desist order. Mr. Rafal’s suspension in 2015 stemmed from charges that he wrote checks from his own personal accounts to a lawyer who was not an investment advisor, in exchange for a referral of a multi-million dollar account.

Mr. Rafal signed a consent order and was fired from Essex in 2015. However, new evidence has recently surfaced that demonstrates that Mr. Rafal never personally reimbursed the lawyer for his payment and in fact had cut him another personal check for $24,750.

The state of Connecticut charged Mr. Rafal with omitting material facts and unethical business practices. This investigation could cost Mr. Rafal $200,000 and will likely get the SEC involved by charging him with additional securities violations.  

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston

Return to Archive

TESTIMONIALS

Previous
Next

I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

May 17, 2024
Fidelity Advisor Files Lawsuit Alleging Wrongful Termination Over Whistleblowing

A former Fidelity Investments advisor, Michael Maeker, has initiated legal action against his former firm, alleging wrongful termination in response to his reporting of anti-investor sales tactics.

May 16, 2024
CFTC Investigates Banks for Potential Whistleblower Suppression

The Commodity Futures Trading Commission (CFTC) has initiated inquiries into several banks, including JPMorgan Chase, Bank of America, and Citigroup, regarding potentially hindering whistleblowers from disclosing information, as reported by Bloomberg News.

 

May 15, 2024
NFA Issues Order Against 50.ai Investments LLC

The National Futures Association's (NFA) Business Conduct Committee (BCC) has taken action against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm, for violating multiple NFA compliance rules.