The SEC said it had received a complaint from a foreign investor residing in Thailand that PPI solicited the complainant to transfer overseas pension money to make investments under PPI’s advice and management for the purpose of tax benefits and long-term returns.
“The complainant fell into the trap and later suffered damage from the investment,” the regulator said in a statement.
“Furthermore, PPI used (the) website: www.ppi-advisory.com to lure (the) investing public that it had very knowledgeable and experienced adviser team to provide appropriate investment advice and management for the clients,” it said.
The SEC said its investigation had found that Eric Jordan, managing director of Professional Portfolio International, another staff member, Gary Bradford, were jointly operating securities business without license in violation of Section 90 of the Securities and Exchange Act.
Jordan told International Adviser the complaint in question dated back to last year and that he had not received any contact from the SEC concerning the matter.
“I have visited the SEC a number of times over the years, but the feedback was always that a SEC license was not required for our business practice. PPI is one of many IFAs with a presence in Thailand operating under the same premise,” Jordan said in an e-mail.
“More recently certain events have brought the licensing issue to light once again. As a result, PPI will be engaging with the SEC and intends to co-operate in full with any guidance that is received,” he said.
