The Securities and Exchange Commission has barred former Michigan-based investment adviser, Steven F. Muntin, who was charged with defrauding one of his clients out of more than $314,000.
Muntin spent four years with registered investment adviser, Taylor & Morgan Asset Management. While working for the RIA, he also managed certain investments for his clients through his own company, Executive Asset Management Inc., an investment adviser with approximately $26 million in assets under management.
Between March 2016 and February 2020, Muntin allegedly solicited one of his elderly advisory clients to write checks totaling $305,750 to Executive Asset Management for purported investments in securities.
The SEC claims that Muntin did not invest the client’s money in securities, and instead paid his mortgage, real estate taxes, health insurance, boat and car loans, and credit card bills. He was also accused of overcharging the client at least $9,000 in management fees.
A Michigan district court recently ordered Muntin to pay $360,000 in disgorgement plus prejudgment interest, and a civil penalty of nearly $259,000.