Investment Adviser Gets Probation For Obstructing SEC

Law360, Boston (April 20, 2017, 6:01 PM EDT) -- An investment adviser was sentenced to a year of probation with four months of home detention and a $4,000 fine in Massachusetts federal court Thursday for obstructing a U.S. Securities and Exchange Commission investigation into secret referral fees paid to an attorney.

John Rafal, the founder and former president of Connecticut-based Essex Financial Services Inc., lied to the SEC, but promptly admitted responsibility for his crime, federal prosecutors told U.S. District Judge Nathaniel Gorton.

Prosecutors said that in 2011 Rafal paid an attorney $50,000 for referring...
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