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INDIANAPOLIS – Indiana Securities Division has issued an Order of Cease and Desist against Alexander Joyce and his related business entities Rejoyce Financial and Rejoyce
Wealth Management and Investment Adviser Joel Parady. The Cease and Desist Petition alleges that Alexander Joyce by and through his business entities and affiliations induced several clients to enter into an investment advisory agreement with his firm without being registered. The clients claimed they were drawn to Joyce’s business because of television ads and Joyce’s offering of a variety of financial services.
Joyce 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, Joyce is alleged to have violated Indiana Uniform Security Act, which requires all investment advisors and their representatives to be registered in order 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 client.
Joyce is further alleged to have engaged in securities fraud and investment advisor fraud when he took over $2 million dollars of client funds that were supposed to be deposited in a JPMorgan Chase brokerage account and instead used the funds to buy a house 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 encourages other investors with complaints against Joyce to file complaints with the Indiana Securities Division at https://securities.sos.in.gov/fileComplaint/.
Information about registrations for Investment Advisors and their representatives can be found on the Indiana Secretary of State, Securities Division’s website at https://securities.sos.in.gov/, under the registrations tab. Further, two public resource websites for registration information are https://brokercheck.finra.org/ for registered brokers, and https://adviserinfo.sec.gov/, for Investment Advisors and their representatives.
