Carmel financial planner accused of using $2M in client funds to purchase home

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The Indiana Secretary of State’s Indiana Securities Division has issued a cease-and-desist order against a Carmel financial planner for allegedly using $2 million in client funds to purchase a house and failing to register as an investment advisor.

According to the Secretary of State’s office, Alexander Joyce entered into investment advisory agreements with several clients through his firm, Rejoyce Financial, which operates out of a building on the Center for the Performing Arts Center campus in Carmel.

A press release from the Secretary of State’s Office states that Joyce told clients he would invest their funds in structured securities through an account at JPMorgan Chase but instead used more than $2 million of those funds to purchase a home in Carmel under the name of one of his business entities.

“The investigators within our Securities Division are committed to standing up for Hoosiers and protecting their investments,” Indiana Secretary of State Diego Morales stated. “We will continue to educate Hoosiers, so they don’t fall victim to these bad actors.”

According to a response issued by ReJoyce Financial, the firm remains “committed to providing outstanding service” to all clients and that its “commitment to (clients’) financial well-being remains unwavering.”
“We understand how the recent representations by the Indiana Secretary of State’s office may cause concern for our clients. We are going to vigorously defend against those allegations. Our clients are of utmost importance to us, and we remain focused on safeguarding their financial interests,” stated Timothy Riethmiller, marketing director at ReJoyce Financial.

Investors can file complaints through the Indiana Securities Division at securities.sos.in.gov/filecomplaint and learn more about investment advisor registration at securities.sos.in.gov under the registrations tab.


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