Investment Manager Misused $22M For Beach Resort, SEC Says

Law360, New York (March 5, 2012, 6:57 PM EST) -- The U.S. Securities and Exchange Commission on Monday accused an Old Westbury, N.Y., investment manager and his Horizon Global Advisors companies of diverting $21.8 million to keep a relative's Long Island beach resort project afloat and misusing investor money in other ways.

Brian Raymond Callahan also fraudulently used promissory notes connected to the scheme to inflate the assets he managed and in turn pump up his fees, and he misappropriated funds to make a down payment on a $3.35 million cooperative unit at the resort, the...
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