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.