Cease-and-desist order issued against Carmel financial firm, CEO

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Alexander Joyce

The Indiana Secretary of State’s office has issued a cease-and-desist order against Carmel-based retirement planning firm ReJoyce Financial LLC and its CEO Alexander Joyce, alleging that Joyce used nearly $2.6 million in client funds for his personal gain.

Joyce is also host of “The Retirement Halftime Show,” a 30-minute financial infomercial that runs on television stations in the Indianapolis, Terre Haute and Lafayette markets.

The cease-and-desist order, which was filed last week and made public Wednesday, orders Joyce and ReJoyce Financial, along with related company ReJoyce Wealth Management LLC and investment adviser Joel Parady, to immediately cease and desist from securities-related activities—including offering investment advisory services, selling securities or soliciting on behalf of investment advisory companies.

The companies issued a statement on Wednesday saying they planned to “vigorously defend against these allegations.”

According to the order, the Secretary of State’s office began investigating Joyce and the other defendants earlier this month, based on a complaint submitted on behalf of two ReJoyce clients.

The clients, identified only as Indiana residents whose initials are K.H. and G.H., said they became ReJoyce clients last summer after seeing ReJoyce Financial’s television infomercials.

The order alleges that Joyce met with the clients in person and told them he would act as their investment adviser and that their money would be put into a JPMorgan Chase account and invested in structured securities.

But instead of investing the clients’ money, Joyce used it to buy a house in Carmel in the name of ReJoyce Wealth Management, the order alleges.

Additionally, Joyce is not registered to act as an investment adviser, the order said.

Instead of offering investment advisory services himself, the order says, Joyce was supposed to refer investment advisory business to a firm called Foundations Investment Advisors under a solicitation agreement with that firm.

According to information on file with the U.S. Securities and Exchange Commission, Parady was registered with Foundations from Nov. 29, 2022, to Oct. 13, 2023. He has been registered with ReJoyce Wealth Management since October 17, 2023.

Reached by phone Wednesday morning, Joyce did not comment, but said he would call back later.

IBJ left a phone message with an employee at ReJoyce Financial Wednesday morning requesting a comment, but did not receive a return phone call. IBJ was unable to reach Parady via email and a LinkedIn query.

Later, Timothy Riethmiller, marketing director at ReJoyce Financial, emailed a statement saying the companies “want to assure our clients that our commitment to their 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,” Riethmiller said. “Our clients are of utmost importance to us, and we remain focused on safeguarding their financial interests.”

Joyce, Parady and the ReJoyce entities have the right to request a hearing on the matter. If they do not make such a request within 45 days, the cease-and-desist order will become final.

This is not the first time Joyce has run afoul of authorities. In October, he served time in the Hamilton County Jail for a probation violation related to charges of driving while intoxicated.

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14 thoughts on “Cease-and-desist order issued against Carmel financial firm, CEO

    1. Given the general absence of humor in the comment sections, I think we need to take a moment to acknowledge a solid contribution here.

  1. He’s never been licensed in anything but insurance.

    That’s a noble profession, but he left the impression he was far more adept and licensed in stocks, bonds, and other investments. He is not. Those additional licenses are much tougher to get and keep. He is not alone among insurance folks who allow folks to think they’re much more proficient at investments.

    Insurance can be an important piece of investment strategy. But not the only piece. He’s likely squandered his good will in the community.

  2. I find a lot of issues with this story. First, why does a DUI have anything to do with the story. As we all know, Irsay has been arrested numerous times for drunk driving. Second, if an investigation was only opened a few weeks ago, is there evidence to show that the money invested was used to purchase a home? Finally, the people that filed the complaint should publish their names. This story irresponsibly levels charges that have not been proven, but are being investigated. If proven that this was not the case, the damage done to this firm’s reputation could be the end of the business.
    If you’re going to publish a story such as this, get all the facts and ensure the party is indeed guilty before speculating to the public.

    1. The facts seem pretty clear. The story lists the property purchase and the purchasing entity. Not inappropriate, but irregular.

    2. Amy, the story states provable facts, and where claims are made it properly states that the acts were only alleged (with the inference they have not yet been proven). Financial entities that have a legal fiduciary responsibility take extra care to conduct business with the highest ethical safeguards with transparency, and thus do not put their businesses in a position to suffer from a repetitional risk.

    3. He has been on television for years implying he offers comprehensive investment advice. I’ve been in a private meeting with him with folks looking to invest an inheritance they’d received and he totally left me with the impression he was securities licensed. To be honest fixed indexed annuities lend themselves to confusion. I have all of the same lisenses as Mr. Joyce, I have no referal relationship with investment advisors. I’m not sure it’s even that possivible to sell fixed indexed annuities and refer folks to securities investment brokers without totally confusing clients as to your actual legal authority to offer advise. That’s why I’m almost totally a health insurance broker at this point.

  3. David Shaw, 2003; Marcus Schrenker, 2010; Tim Durham, 2012; John K Marcum, 2013; Kevin James, 2014; Robert Nelms, 2010 AND again 2015; Jaime C Lopez, 2016; Thomas Lee Johnson, 2019; Christopher Turean, 2023; David Blaine, 2023; Alexander Joyce, 2024…and these are just in Indy!! Why do people continue to put their money/trust in these small shops? Caveat emptor!!

  4. after I hit Powerball, I’m going with several different financial institutions and will make sure they’re audited monthly! If you have money, these bastards will try to steal it!

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