Investment Adviser Settles $6M SEC Fraud Suit

Law360, New York (June 10, 2009, 12:00 AM EDT) -- A former investment adviser at AFW Asset Management Inc. agreed Wednesday to settle civil fraud charges brought by the U.S. Securities and Exchange Commission the same day, alleging the adviser stole more than $6 million in client funds to finance a lavish lifestyle.

In a complaint filed in the U.S. District Court for the Southern District of New York, the SEC alleges that from at least 2005 to March, Matthew D. Weitzman, 43, of Armonk, N.Y., violated federal securities laws by selling securities in clients' brokerage...
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