401(k) Specialist Issue 4 - 2019 - 10
401(k) FIDUCIARY FILE
Baggage Handler Fined for Illegally
Advising on $172 Million of AUM
YOU READ THAT RIGHT. The SEC has fined and suspended a baggage
handler at a major airline who provided unauthorized investment
advisory services to his colleagues while using the business
name " Bored at Work. "
Marcos Tamayo's coworkers gave him online access to their airline
retirement accounts, which he used to select investments and
make trades for a $300 annual fee.
According to the SEC's enforcement order, " Tamayo's business
started to grow rapidly at the end of 2015 after Facebook posts in
which he claimed falsely to have nearly $1 million in his own retirement
account. "
When Nevada ordered Tamayo to suspend his unlicensed investment
advisory business in August 2017, he had more than 900
clients with accounts worth more than $172 million.
As part of his settlement, Tamayo must pay disgorgement of
$144,485 and prejudgment interest of $9,803 to the SEC, as well as a
civil penalty of $50,000.
Tamayo is also suspended from association or employment with
any investment advisor, broker-dealer and related securities firms
for a period of 12 months.
School's In! Americans Want Mandatory
Financial Education Classes
MAYBE MOM DOESN'T KNOW BEST. A new survey found 61% of
Americans consider parents a key influence in shaping the way they
manage finances, but parents with kids under age 21 lack confidence
in several personal finance areas.
In fact, almost half give their level of financial literacy a grade of C
or lower, according to Country Financial.
In particular, they struggle with managing a 401(k) (53%), planning
for retirement (61%) or taking out and paying off student loans
(55%).
The skill parents felt least confident in was investing in the stock
market.
The company added that 52% of parents and (coincidentally) 52%
of Americans overall report not having received any financial education
in K-12 or college, with only 15% of Americans overall reporting
feeling " very prepared " to manage their personal finances once they
entered adulthood.
For these reasons, 86% of Americans believe that financial education
classes should be mandatory for K-12 schools nationwide.
10
ISSUE 4 2019 | 401kSpecialist.com
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401(k) Specialist Issue 4 - 2019
Table of Contents for the Digital Edition of 401(k) Specialist Issue 4 - 2019
Table of Contents
401(k) Specialist Issue 4 - 2019 - Cover1
401(k) Specialist Issue 4 - 2019 - Table of Contents
401(k) Specialist Issue 4 - 2019 - 1
401(k) Specialist Issue 4 - 2019 - 2
401(k) Specialist Issue 4 - 2019 - 3
401(k) Specialist Issue 4 - 2019 - 4
401(k) Specialist Issue 4 - 2019 - 5
401(k) Specialist Issue 4 - 2019 - 6
401(k) Specialist Issue 4 - 2019 - 7
401(k) Specialist Issue 4 - 2019 - 8
401(k) Specialist Issue 4 - 2019 - 9
401(k) Specialist Issue 4 - 2019 - 10
401(k) Specialist Issue 4 - 2019 - 11
401(k) Specialist Issue 4 - 2019 - 12
401(k) Specialist Issue 4 - 2019 - 13
401(k) Specialist Issue 4 - 2019 - 14
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401(k) Specialist Issue 4 - 2019 - 40
401(k) Specialist Issue 4 - 2019 - 41
401(k) Specialist Issue 4 - 2019 - 42
401(k) Specialist Issue 4 - 2019 - 43
401(k) Specialist Issue 4 - 2019 - 44
401(k) Specialist Issue 4 - 2019 - Cover3
401(k) Specialist Issue 4 - 2019 - Cover4
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