10 worst financial advisors in America: 2021

1. Keith T. Ashley, $1.1 million

Ex-Parkland Securities broker Keith T. Ashley of Allen, Texas, was under investigation for allegedly fleecing investors out of $1.1 million. Some advisors have scammed investors out of much more. But Ashley was also charged with murdering a client, 62-year-old James "Jim" Seegan, according to the police department in Carrollton, Texas. Detectives found evidence that Ashley "incapacitated, then murdered Seegan in an attempt to gain control of his finances."

10. Dain F. Stokes, $576,000

The SEC barred former LPL Financial broker Dain F. Stokes of Fremont, New Hampshire, over a scam in which he allegedly solicited $576,000 from three clients, falsely claiming their funds would be used to invest in a lucrative investment project in Africa that pop music artist Taylor Swift and Microsoft co-founder Bill Gates were involved in. "Taylor asked me to personally ask you" for money, Stoxes texted a client, "lol, she likes you! Let me know." In addition to the bar, Stokes agreed to pay fines and restitution.

(Photo: Tomas Simkus/Shutterstock)

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9. Mark L. Hopkins, at least $1.15 million

Former American Portfolios Financial Services rep Mark L. Hopkins misappropriated at least $1.15 million from at least five customers of the Holbrook, New York-based broker-dealer, according to the SEC. In a complaint filed in July, the SEC said Hopkins told his senior clients he was investing their funds in a local credit union's investment program. However, that investment program never existed and Hopkins was instead depositing the clients' funds into an account he controlled at the credit union, according to the SEC.

(Image: Shutterstock)

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8. Dean S. Mustaphalli, more than $2.3 million

Queens, New York, advisor Dean S. Mustaphalli allegedly ran a massive hedge fund scheme targeting elderly investors while running the now-defunct Mustaphalli Capital Partners Fund. He was convicted and sentenced to 3-9 years in prison after pleading guilty to 22 felony charges, including grand larceny and securities fraud under the Martin Act, New York Attorney General Letitia James said Oct. 16.

(Image: Shutterstock)

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7. Frederick Stow, nearly $1 million

The SEC charged Frederick Stow, an advisor recently barred from the industry, with defrauding two senior citizens, including a World War II-era veteran, out of nearly $1 million. According to the complaint, Stow acted as the veteran's registered representative for over 30 years and "inserted himself over time into the veteran's personal and financial affairs."

(Image: Shutterstock)

6. Steven F. Brown, $3.3 million

Steven F. Brown of Marina del Rey, California, ran a financial consulting company and was the accountant for a nonprofit organization providing dance and theater arts education to children and young adults in Los Angeles. He solicited investments in what turned out to be a $3.3 million Ponzi scheme "from people he encountered through his position with his employer, and through his relationship with its executives and employees, which afforded him access to high-net-worth individuals," according to the U.S. Attorney's Office for the Central District of California. In September, he agreed to plead guilty to one criminal count of wire fraud.

(Image: Shutterstock)

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5. James Thomas Booth, $4.97 million

Ex-LPL Financial broker James Thomas Booth of Norwalk, Connecticut, pleaded guilty to one count of securities fraud and was sentenced to 42 months in prison for running a Ponzi scheme, according to Audrey Strauss, the Acting U.S. Attorney for the Southern District of New York in Manhattan. He was accused of running a "years-long scheme to defraud customers" of his financial services firm, Booth Financial Associates, of almost $5 million "through a variety of lies and misrepresentations," Strauss said.

(Image: Shutterstock)

4. Paul Horton Smith Sr., more than $10 million

Paul Horton Smith Sr. of Moreno Valley, California, was arrested May 21, 2020, on a federal criminal complaint alleging he swindled dozens of his clients, many of them elderly retirees, in a long-running Ponzi scheme that took in more than $10 million. On Oct. 19, 2020, the SEC obtained a final judgment against Smith to pay disgorgement of $4.2 million in ill-gotten gains plus prejudgment interest of $383,059, and also ordered Smith to pay a civil penalty of $4.2 million.

3. Matthew Piercey, about $35 million

Matthew Piercey of Palo Cedro, California, allegedly ran a Ponzi scheme in which he was accused of defrauding investors out of about $35 million. He tried to elude FBI capture in November by entering Lake Shasta with a Yamaha Seascooter, according to McGregor W. Scott, U.S. Attorney for the Eastern District of California in Sacramento. However, he was arrested as soon as he emerged from the water, Scott said.

2. Christopher W. Burns, more than $5 million

Atlanta-area advisor Christopher W. Burns of Berkeley Lake, Georgia, went missing in the fall after allegedly scamming about 100 investors out of more than $5 million as part of a Ponzi scheme involving the sale of illegal promissory notes. The FBI has been searching for him ever since he disappeared. Burns' ex-wife recently called on him to turn himself in.

1. Keith T. Ashley, $1.1 million

Ex-Parkland Securities broker Keith T. Ashley of Allen, Texas, was under investigation for allegedly fleecing investors out of $1.1 million. Some advisors have scammed investors out of much more. But Ashley was also charged with murdering a client, 62-year-old James "Jim" Seegan, according to the police department in Carrollton, Texas. Detectives found evidence that Ashley "incapacitated, then murdered Seegan in an attempt to gain control of his finances."

10. Dain F. Stokes, $576,000

The SEC barred former LPL Financial broker Dain F. Stokes of Fremont, New Hampshire, over a scam in which he allegedly solicited $576,000 from three clients, falsely claiming their funds would be used to invest in a lucrative investment project in Africa that pop music artist Taylor Swift and Microsoft co-founder Bill Gates were involved in. "Taylor asked me to personally ask you" for money, Stoxes texted a client, "lol, she likes you! Let me know." In addition to the bar, Stokes agreed to pay fines and restitution.

(Photo: Tomas Simkus/Shutterstock)

9. Mark L. Hopkins, at least $1.15 million

Former American Portfolios Financial Services rep Mark L. Hopkins misappropriated at least $1.15 million from at least five customers of the Holbrook, New York-based broker-dealer, according to the SEC. In a complaint filed in July, the SEC said Hopkins told his senior clients he was investing their funds in a local credit union's investment program. However, that investment program never existed and Hopkins was instead depositing the clients' funds into an account he controlled at the credit union, according to the SEC.

(Image: Shutterstock)

8. Dean S. Mustaphalli, more than $2.3 million

Queens, New York, advisor Dean S. Mustaphalli allegedly ran a massive hedge fund scheme targeting elderly investors while running the now-defunct Mustaphalli Capital Partners Fund. He was convicted and sentenced to 3-9 years in prison after pleading guilty to 22 felony charges, including grand larceny and securities fraud under the Martin Act, New York Attorney General Letitia James said Oct. 16.

(Image: Shutterstock)

7. Frederick Stow, nearly $1 million

The SEC charged Frederick Stow, an advisor recently barred from the industry, with defrauding two senior citizens, including a World War II-era veteran, out of nearly $1 million. According to the complaint, Stow acted as the veteran's registered representative for over 30 years and "inserted himself over time into the veteran's personal and financial affairs."

(Image: Shutterstock)

6. Steven F. Brown, $3.3 million

Steven F. Brown of Marina del Rey, California, ran a financial consulting company and was the accountant for a nonprofit organization providing dance and theater arts education to children and young adults in Los Angeles. He solicited investments in what turned out to be a $3.3 million Ponzi scheme "from people he encountered through his position with his employer, and through his relationship with its executives and employees, which afforded him access to high-net-worth individuals," according to the U.S. Attorney's Office for the Central District of California. In September, he agreed to plead guilty to one criminal count of wire fraud.

(Image: Shutterstock)

5. James Thomas Booth, $4.97 million

Ex-LPL Financial broker James Thomas Booth of Norwalk, Connecticut, pleaded guilty to one count of securities fraud and was sentenced to 42 months in prison for running a Ponzi scheme, according to Audrey Strauss, the Acting U.S. Attorney for the Southern District of New York in Manhattan. He was accused of running a "years-long scheme to defraud customers" of his financial services firm, Booth Financial Associates, of almost $5 million "through a variety of lies and misrepresentations," Strauss said.

(Image: Shutterstock)

4. Paul Horton Smith Sr., more than $10 million

Paul Horton Smith Sr. of Moreno Valley, California, was arrested May 21, 2020, on a federal criminal complaint alleging he swindled dozens of his clients, many of them elderly retirees, in a long-running Ponzi scheme that took in more than $10 million. On Oct. 19, 2020, the SEC obtained a final judgment against Smith to pay disgorgement of $4.2 million in ill-gotten gains plus prejudgment interest of $383,059, and also ordered Smith to pay a civil penalty of $4.2 million.

3. Matthew Piercey, about $35 million

Matthew Piercey of Palo Cedro, California, allegedly ran a Ponzi scheme in which he was accused of defrauding investors out of about $35 million. He tried to elude FBI capture in November by entering Lake Shasta with a Yamaha Seascooter, according to McGregor W. Scott, U.S. Attorney for the Eastern District of California in Sacramento. However, he was arrested as soon as he emerged from the water, Scott said.

2. Christopher W. Burns, more than $5 million

Atlanta-area advisor Christopher W. Burns of Berkeley Lake, Georgia, went missing in the fall after allegedly scamming about 100 investors out of more than $5 million as part of a Ponzi scheme involving the sale of illegal promissory notes. The FBI has been searching for him ever since he disappeared. Burns' ex-wife recently called on him to turn himself in.

1. Keith T. Ashley, $1.1 million

Ex-Parkland Securities broker Keith T. Ashley of Allen, Texas, was under investigation for allegedly fleecing investors out of $1.1 million. Some advisors have scammed investors out of much more. But Ashley was also charged with murdering a client, 62-year-old James "Jim" Seegan, according to the police department in Carrollton, Texas. Detectives found evidence that Ashley "incapacitated, then murdered Seegan in an attempt to gain control of his finances."

Instant Insights /

10 worst financial advisors in America: 2021

1. Keith T. Ashley, $1.1 million

10. Dain F. Stokes, $576,000

9. Mark L. Hopkins, at least $1.15 million

8. Dean S. Mustaphalli, more than $2.3 million

7. Frederick Stow, nearly $1 million

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6. Steven F. Brown, $3.3 million

5. James Thomas Booth, $4.97 million

4. Paul Horton Smith Sr., more than $10 million

3. Matthew Piercey, about $35 million

2. Christopher W. Burns, more than $5 million

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1. Keith T. Ashley, $1.1 million

10. Dain F. Stokes, $576,000

9. Mark L. Hopkins, at least $1.15 million

8. Dean S. Mustaphalli, more than $2.3 million

7. Frederick Stow, nearly $1 million

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6. Steven F. Brown, $3.3 million

5. James Thomas Booth, $4.97 million

4. Paul Horton Smith Sr., more than $10 million

3. Matthew Piercey, about $35 million

2. Christopher W. Burns, more than $5 million

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1. Keith T. Ashley, $1.1 million

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10 worst financial advisors in America: 2021

10. Dain F. Stokes, $576,000

Jeff Berman

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