The SEC moved today against another alleged stock-scammer. It used to be it took a room full of guys--a boiler room--to run one of these operations. Now with the internet and, well, lots of government supported "investor confidence" in the markets, it seems it just takes old dude and his wife. Progress!
Here's Roddy Boyd in the New York Post, where the story first broke:
The Securities and Exchange Commission filed an emergency enforcement action against a Huntington, L.I., money manager accused of fleecing elderly and disabled clients out of at least $20 million.
Peter Dawson, the president of investment manager BMG Advisory Services, was charged with making "fraudulent solicitations and misappropriating investors' funds."
As The Post reported last week, Dawson tailored his supposed investment management skills to the middle class and retirees.
The problem was that he purportedly ran a wide-ranging scam, creating fake client statements and taking millions of dollars for himself and his partner and wife, Lisa, according to both the SEC and Jacob Zamansky, a lawyer who sued Dawson two weeks ago in federal court.
SEC Hits Money Manager Dawson With Fraud Charge [New York Post]