Collegeville businessman Dean Vagnozzi and his King of Prussia-based financial firm, A Better Financial Plan, have been fined by the Securities and Exchange Commission around $500,000 for securities violations and ordered to terminate certain investment activities, writes Erin Arvedlund for The Philadelphia Inquirer.

Vagnozzi established a series of investment funds selling a portfolio of life insurance policies. In the period between April 2013 and August 2017, he sold five funds, all of them not registered with the SEC.

As part of the settlement, he negotiated a flat fee of $500,000, as long as he was able to raise $4 million from his investors. He also did not admit to any wrongdoing and is suspended from acting as a broker for 12 months.

Vagnozzi was already fined last year by the Pennsylvania Department of Banking and Securities with a state-record $490,000 to settle allegations that he was selling some investments without a license.

In better news for Vagnozzi, he was recently interviewed by The Wall Street Journal and covered by Montco.Today for finding a way to improve his golf game during the pandemic by installing a practice golf green in his back yard.

Read more about Dean Vagnozzi at The Philadelphia Inquirer by clicking here.

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