SEC Claims Investment Adviser Misrepresented Risk

Law360, New York (May 26, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed suit against California investment adviser Jacques R. Gendreau, alleging that he misrepresented his strategies for clients' funds as being low-risk and, contrary to his clients' instructions, engaged in high-risk investing that led to heavy losses.

On Tuesday, the SEC filed its suit in the U.S. District Court for the Central District of California claiming that Gendreau, 67, and his firm, Gendreau & Associates Inc., violated the anti-fraud, fiduciary duty and record-keeping provisions of the Securities Exchange Act of...
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