SEC Hits Wealth Management Over $2.5M Kickbacks

Law360, New York (May 21, 2009, 12:00 AM EDT) -- Two Wealth Management LLC executives illegally accepted $2.5 million in kickbacks and directed retirees to illiquid, risky investments that were unsuitable for them, the U.S. Securities and Exchange Commission has alleged.

In the U.S. District Court for the Eastern District of Wisconsin on Wednesday, the SEC slapped an emergency enforcement action against Wealth Management, as well as its founder, majority owner and CEO James Putman and its former President and Chief Investment Officer Simone Fevola.

On the same day of the filing, U.S. Judge William C....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

United States Securities and Exchange Commission v. Wealth Management LLC et al


Case Number

1:09-cv-00506

Court

Wisconsin Eastern

Nature of Suit

Securities/Commodities

Judge

William C Griesbach

Date Filed

May 20, 2009

Law Firms

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.