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About Intellivest Securities

Intellivest Securities provides financial brokerage services. The company is based in Riverdale, Georgia.

Headquarters Location

1540 Chase Court

Riverdale, Georgia, 30296,

United States

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Latest Intellivest Securities News

SBF's downfall is a good tutorial on crypto regulation

Dec 13, 2022

REGISTER NOW To understand the state of regulation of the volatile cryptocurrency industry, advisors need look no further than the Security and Exchange Commission's complaint against disgraced FTX founder Samuel Bankman-Fried. That's what Dan Kolber, the CEO and founder of the crypto broker and advisor Intellivest Securities, told fellow panelists during a discussion Dec. 13 on digital asset regulation at Financial Planning's INVEST: Cryptocurrency for Advisors virtual event . As advisors face more questions from clients who've already plowed dollars into crypto or still want to invest, the SEC's civil complaint against Bankman-Fried highlights the many pitfalls that come with this still-new asset class. The case centers on accusations that Bankman-Fried lied about internal controls and risks to large institutional investors including Sequoia Capital, which put $200 million into FTX. The lesson for advisors who want to stay on the right side of regulators when dealing with digital assets is plain, said Kolber: "When in doubt, disclose, disclose, disclose." "These are things every financial planner has to be attuned to and has to obey," Kolber said. Bankman-Fried's case might seem far outside what most advisors deal with from day to day. But odds are strong they have at least a few clients with investments in crypto. A  report this month from the JPMorgan Chase Institute , the investment bank's in-house research unit, found that roughly 13% of 5 million Chase accounts had seen transfers of digital at least once by June. And despite the current "crypto winter," advisors are likely to encounter only more questions about digital assets in coming years. That's especially for clients who fall into the coveted "millenial millionaires" group. A 2021 survey from CNBC of 750 investors with at least $1 million in assets found that 83% of millennial millionaires own cryptocurrencies and that slightly more than half had at least 50% of their wealth in crypto. Bankman-Fried was arrested on Dec. 12 in the Bahamas and sued the following day for fraud by the SEC and other regulators and charged by U.S. prosecutors in New York with eight counts of criminal fraud and conspiracy. The mounting evidence of his mismanagement of FTX and its affiliated trading firm, Alameda Research, has led to redoubled calls for better oversight of the roughly $850 billion crypto industry. Regulation was top of mind for lawmakers who spoke at a U.S. House Financial Services Committee hearing the same day. Bankman-Fried was scheduled to testify virtually but then prevented from appearing by his arrest. The star witness instead was John J. Ray III, the chief executive brought in to oversee FTX following its bankruptcy on Nov. 11. Ray, who was installed as CEO of Enron during its bankruptcy, declined to give specific advice on what regulatory steps the government should take, saying only that, "My basic observation is you need records. You need controls, and you need to segregate people's money. It's simple."

Intellivest Securities Frequently Asked Questions (FAQ)

  • Where is Intellivest Securities's headquarters?

    Intellivest Securities's headquarters is located at 1540 Chase Court, Riverdale.

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