Ex-Atria Advisor Faces Charges Over $1.7M Fraud Scheme Spanning 17 Years
The Department of Justice charged former Atria advisor Jeffrey Thomas Higgins with defrauding 14 clients of $1.65 million over 17 years. He misappropriated client funds by falsely claiming purchases and diverting market-priced shares into his own account at Financial West Group and Western International Securities, now part of LPL Financial.
1. DOJ Brings Investment Fraud Charges
The Department of Justice filed investment fraud charges against Jeffrey Thomas Higgins for allegedly defrauding clients of approximately $1.65 million over a 17-year period. Higgins was released pending further court proceedings after his arraignment in Oregon federal court.
2. Scheme Details and Client Impact
Higgins allegedly told clients he purchased shares at deep discounts and produced false annual statements showing inflated returns. In reality, he bought shares at market value using client funds, diverted them into his own account and sold them, affecting 14 investors.
3. Advisor Employment and Firm Integration
Higgins began his career at Financial West Group in 2001 and later joined Western International Securities, a former Atria Wealth Solutions subsidiary rolled into LPL Financial in 2024. He was terminated in June 2024 when the firm uncovered misdirected client investments dating back to 2007.
4. Potential Reputational and Legal Implications
LPL Financial may face reputational risk and increased regulatory scrutiny due to the scheme’s link to its acquired entities. The outcome of DOJ and SEC actions could result in financial restitution or penalties and prompt tighter oversight of advisor conduct.