A 52-year-old advisor with Wealth Enhancement Group and LPL Financial has been arrested and charged with possessing and distributing child pornography, according to the Morris County Prosecutors Office in New Jersey.

Prosecutors, in a news release on Thursday, alleged that between April 15 and August 12, Nicholas Spagnoletti of Madison, N.J., uploaded, possessed and distributed images of child pornography on his personal cell phone. The release said the National Center for Missing and Exploited Children alerted them to the upload.

He is charged with second-degree endangering the welfare of children for the distribution of child pornography and third-degree endangering the welfare of children for the possession of child pornography, the release said.

Spagnoletti, who was one of the leaders of Parsippany, N.J.-based MACRO Consulting Group (MACRO), an independent, hybrid RIA with more than $900 million in assets, joined Plymouth, Minn.-based Wealth Enhancement Group—a $40 billion independent wealth management firm that has been aggressively buying up advisors this year—in June as part of an acquisition.

MACRO operates under the Wealth Enhancement Group brand as the MACRO Team, with LPL Financial as its broker-dealer. Spagnoletti, who was a senior vice president and financial advisor at the firm, has been fired, according to a statement from the company. He has more than 30 years in the industry, according to his BrokerCheck profile.

A senior executive at MACRO referred a call from Financial Advisor to Wealth Enhancement Group to comment on the firm's behalf.

A spokesman for Wealth Enhancement Group issued the following statement: “We take this matter very seriously and are fully cooperating with law enforcement authorities. We expect our professionals to hold themselves to the highest possible ethical and legal standards, and as such, we have terminated this advisor. Until more information from the legal process is established, it would be inappropriate for us to provide further public comment.”

Spagnoletti was transported to the Morris County Correctional Facility after his arrest on Thursday, according to the prosecutor's office. Paul Merkler, a spokesman at the prosecutor’s office, said he was released on “Pre-trial monitoring level two, with a condition of no contact with minors.”