INDIANAPOLIS — The Indiana Secretary of State announced action being taken against a Carmel-based financial planner and his related business entities.
The state issued a cease and desist petition order against Alexander Joyce and related Rejoyce Financial, Rejoyce Wealth Management and Investment Adviser Joel Parady.
The petition filed alleged that Joyce used his business entities and affiliations to induce several clients to enter into an investment advisory agreement with his firm without being registered.
According to the Indianapolis Business Journal, the Secretary of State’s office began its investigation after a complaint was submitted by two ReJoyce clients.
The clients claimed they were drawn to Joyce’s business because of television ads and the variety of financial services offered. He also personally met with clients and discussed how their funds would be invested in “structured” securities and that the funds would be placed in an account at JPMorgan Chase.
By conducting business in this fashion, the release said Joyce is alleged to have violated the Indiana Uniform Security Act which requires all investment advisors and their representatives to be registered to conduct business in Indiana.
Joyce is not a registered investment advisor representative and at the time of the transactions was only engaged as a solicitor for another investment advisory firm.
A solicitor is a person who is compensated for referring business to investment advisory firms but does not advise clients or make investment decisions on behalf of clients.
The release added Joyce is also alleged to have engaged in securities and investment advisor fraud when he reportedly took over $2 million of client funds that were supposed to be deposited into a Chase brokerage account.
Joyce reportedly used the millions of dollars to buy a home in Carmel in the name of one of his business entities.
“The investigators within our Securities Division are committed to standing up for Hoosiers and
protecting their investments. We will continue to educate Hoosiers, so they don’t fall victim to these bad actors,” said Indiana Secretary of State Diego Morales.
The Indiana Securities Division encouraged other investors with issues against Joyce to file complaints on their website.
The individuals who were served the cease and desist order have a right to request a hearing but only have 45 days or it will become final.
