SEC Accuses Madoff-Linked Investment Advisers Of Fraud

Law360, Los Angeles (November 21, 2013, 4:05 PM EST) -- The U.S. Securities and Exchange Commission on Wednesday accused two Florida-based investment advisers of failing to disclose that they received compensation for steering investors toward risky offshore funds, including some that did business with convicted Ponzi schemer Bernard Madoff.

The SEC alleged in an order instituting an administrative proceeding claiming that Larry C. Grossman and Gregory J. Adams committed fraud by failing to disclose to clients of their investment firm that they were paid by the funds they recommended to investors. Moreover, the regulator claimed Grossman...
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