Adviser Settles With SEC On Charges Of Defrauding Athletes

By Braden Campbell (May 6, 2016, 4:45 PM EDT) -- A Pittsburgh-based financial adviser has reached an agreement with the U.S. Securities and Exchange Commission to settle charges he used $2.35 million in client funds to make unauthorized payments and investments, and lied to investigators about the scheme, the agency said Thursday.

According to a complaint unsealed in New York federal court on Thursday, Louis Martin Blazer III took money from the accounts of five wealthy clients, including professional athletes, and used it to invest in projects such as two movies and a music production company, forging documents to funnel money from one client's account to that of another when the...

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