Louis Martin Blazer III, hereafter known as LMB3, manages money for professional athletes and entertainers. As such, he knows that his clients, by and large, are braindead, even if they don’t play football or hockey. And so when one of his clients said he wasn’t interested in helping LMB3 make future Hollywood blockbusters “Mafia the Movie” and “Sibling,” LMB3 knew that was just the concussions talking and sunk his money into them, anyway. Somehow, this got back to the client and, LMB3 apparently wishing to incur no concussions of his own, decided discretion was the better part of valor and gave the client his money back. Or, actually, gave the client another client’s money back, putting that client in line for an Oscar statuette once “Sibling” wins Best Picture (inevitable, you know, once it gets made). Unfortunately for LMB3, it also made for another line in the SEC’s complaint against him, which he’s decided to go ahead and settle and focus his attention on what he’ll wear to the Golden Globes.
Mr. Blazer agreed to settle the charges without admitting or denying the allegations. Financial penalties, among other consequences, will be decided by the court at a later date, the SEC said….
As part of its complaint, the SEC said Mr. Blazer made “Ponzi-like” payments….
In addition, the complaint alleges that when confronted by SEC examiners, Mr. Blazer lied and gave the regulators false deal documents that he had created.