SEC Sues Brokerage Over $50M In Fraudulent Trades

Law360, New York (March 4, 2008, 12:00 AM EST) -- An investment company that lured the customers of a rival brokerage to transfer $49 million in mutual funds to its control has incurred the wrath of regulators, who have accused the firm of violating federal securities laws.

In a complaint filed on March 3 in the U.S. District Court for the Northern District of Illinois, the U.S. Securities and Exchange Commission accused Enterprise Trust Company of inducing the customers of broker-dealer Advisory Financial Services to transfer the custody of their mutual fund accounts to Enterprise....
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