Essex Financial Adviser Banned Over Securities Violations
John W. Rafal attempted to conceal secret and improper referral payments.
April 21, 2017 at 05:24 PM
2 minute read
The 67-year-old founder and vice chair of Essex Financial Services was sentenced in federal court in Boston on Thursday for his part in obstructing a Securities and Exchange Commission investigation.
Authorities said John W. Rafal attempted to conceal secret and improper referral payments he made in order to secure the business of a wealthy client. U.S. District Judge Nathaniel M. Gorton of the District of Massachusetts sentenced Rafal, who lives in Old Lyme, to one-year probation with four months to be served in home detention, and a $4,000 fine.
Rafal also has a separate agreement with the SEC that will bar him from working in the securities industry for life. As part of that agreement, Rafal must pay the SEC nearly $600,000.
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