By Alejandra Molina
A complaint was filed against Mark MacArthur, son of evangelical pastor and radio host John MacArthur, alleging the younger MacArthur and his former business partner defrauded clients in a $16 million investment scheme.
The Securities and Exchange Commission on Feb. 12 charged the California-based investment advisory firm Criterion Wealth Management Insurance Services and its then co-owners Mark MacArthur and Robert Gravette with failing to reveal financial conflicts of interest when recommending certain investments to their clients between 2014 and 2017. MacArthur left the company in 2017.
MacArthur and Gravette encouraged their clients to invest more than $16 million in four private real estate investment funds without notifying them that the fund managers for these investments had paid them more than $1 million in side compensation, according to the complaint that was filed in U.S. District Court in California. This was on top of the fees that the business partners were already charging their clients.
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