The Securities and Exchange Commission has entered a final judgment against former Connecticut investment adviser Lester Burroughs who, in a parallel criminal case, was found guilty of wire fraud and sentenced to 33 months in prison.
In the criminal case, Burroughs was ordered to pay restitution of $575,000 to his victims. The judgment against Burroughs in the civil case ordered him to pay disgorgement of $560,000, which was deemed satisfied by the criminal restitution order.
In its civil case, the SEC alleged that Burroughs engaged in a scheme to defraud retail investors by selling fictitious financial products and misappropriating the proceeds to pay other advisory clients, as well as for his own use.
ESG fund performance proves surprisingly strong
The post SEC obtains final judgment against Connecticut RIA appeared first on InvestmentNews.
As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.