A final judgment has been reached in the US Securities and Exchange Commission’s (SEC) fraud case against Strong Investment Management. The investment adviser, based in California, and its owner James Bronson are accused of running a cherry picking scam that harmed clients and went on for over four years. Now,…
Steele Financial is Accused of Investor Fraud The US Securities and Exchange Commission has filed civil charges against investment advisory firm Steele Financial Inc. and its owner Tamara Steele. According to the regulator, they allegedly sold $13M of risky securities to over 120 advisory clients. A lot of these clients…
SEC Accused Investment Adviser of Profiting from Cherry Picking The US Securities and Exchange Commission has filed a civil fraud case against Strong Investment Management, which is a California-based investment adviser, and its president/owner Joseph B. Bronson. The regulator is accusing them of running a cherry picking scam that…
SEC Charges SunTrust With Collecting Over $1.1M in Excess Mutual Fund Fees The US Securities and Exchange Commission has filed charges accusing SunTrust Investment Services of collecting over $1.1M in unwarranted fees from mutual fund clients. The SunTrust Banks subsidiary will pay an over $1.1M penalty to resolve the regulator’s…
Investment Advisory Firm Founder Gets 2-Year Prison Term, Will Pay $1.3M for Fraud Michael J. Breton, a Massachusetts investment adviser, has been sentenced to two years behind bars for running a cherry picking scam that allowed him to bilk clients. Breton, the founder of Strategic Capital Management, admitted to keeping…
Citigroup is Accused of Overcharging At Least 60 Investment Advisory Clients Citigroup Global Markets (C) will pay $18.3M to resolve Securities and Exchange Commission charges accusing the firm of overbilling clients and misplacing client contracts. According to the regulator’s order, at least 60,000 investment advisory clients were overcharged about $18M…
Ex-Financial Adviser Who Worked for Texas-Based Firm is Barred by SEC After Defrauding Pro Athletes Ash Narayan, an ex-California financial adviser, has been barred by the US Securities and Exchange Commission. Narayan, who is accused of secretly receiving almost $2M from companies that he invested in on behalf of his…
SEC Charges Hawaii-Based Investment Adviser for Misleading Clients and Cherry Picking The U.S. Securities and Exchange Commission has filed civil charges against Oracle Investment Research, which is based in Hawaii, and its owner Laurence I. Balter. The regulator claims that the investment adviser cherry picked trades that were profitable for…