The professional license of an investment adviser in Longmont who is being sued for allegedly mishandling about $2 million of his parents’ retirement money was revoked Tuesday for refusing to cooperate in an investigation of the matter, state securities officials said.
Andrew Hawkins-Kimmel and his company, M&A Wealth Management, are accused by the conservator of his parents’ estate of transferring $955,000 of their money into accounts he controlled, then investing nearly half of it into another company he controls, according to the lawsuit in U.S. District Court in Portland, Ore.
Another $1 million, the lawsuit alleges, is similarly unaccounted for, purportedly invested in four other companies controlled by Hawkins-Kimmel.
Hawkins-Kimmel had been acting as his parents’ personal investment adviser since about 2002, and, according to the lawsuit, he had “exercised undue influence over his elderly parents to gain complete control over their assets.” Hawkins-Kimmel’s father, a retired doctor, is 80 years old, and his mother is 73.
Much of the money was used to buy into H-K Resources over a four-year span, the lawsuit alleges. The remainder went into other companies with real estate ties, according to the lawsuit.
Hawkins-Kimmel could not be reached for comment Tuesday.
Hawkins-Kimmel’s lawyers called the lawsuit “an unfortunate dispute” and requested its dismissal because the conservator offers no facts to support the allegations.
Hawkins-Kimmel has refused his parents’ requests for information about the investments. He has also refused requests for documents by the Colorado Division of Securities, which began to investigate when alerted by Oregon Adult Protective Services.
Securities Commissioner Gerald Rome said such a revocation is allowed when a licensed professional refuses to cooperate.
“When we face resistance in trying to trace a paper trail, it raises red flags for us,” Rome said in a statement. “These requirements are meant to keep these types of businesses accountable to their customers.”
Rome said the state’s investigation is ongoing and the revocation bars Hawkins-Kimmel from practicing only in Colorado.
David Migoya: 303-954-1506, dmigoya@denverpost.com or
