NFL Player Adviser Settles With SEC Over Unregistered Sales
Law360, New York (February 13, 2017, 5:08 PM EST) -- A former investment adviser for Morgan Stanley and Wells Fargo on Friday settled with the U.S. Securities and Exchange Commission over allegations he sold more than $5 million in unregistered, illiquid stock to NFL players while misrepresenting their investment returns and failing to disclose his financial stake in the deal.
The SEC accused Sylvester King Jr. of failing to verify investment information for clients from the National Football League Players Association who invested in Global Village Concerns Inc., an internet branding company no longer in operation. The adviser additionally didn’t notify these clients that he was paid in Global Village Concerns...
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