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SEC Charges Adviser with Defrauding Elderly Client

The Securities and Exchange Commission has charged Michigan-based investment adviser Steven F. Muntin with allegedly defrauding one of his investment advisory clients.

The Securities and Exchange Commission has charged Michigan-based investment adviser Steven F. Muntin with allegedly defrauding one of his investment advisory clients out of more than $314,000.

Muntin worked for Taylor & Morgan Asset Management LLC, a registered investment adviser. He also managed certain investments through his firm, Executive Asset Management Inc, which was registered with the state of Michigan.

The SEC claims that between March 2016 and February 2020, Muntin solicited one of his elderly clients to write checks totaling $305,750 to Executive Asset Management for purported securities investments.

However, according to the complaint, rather than investing the client’s money in securities, he paid his mortgage, real estate taxes, health insurance, boat and car loans, and credit card bills. The complaint further alleges that Muntin overcharged the client for at least $9,000 in assets under management fees.

The SEC’s complaint, filed in federal district court in the Eastern District of Michigan, charges Muntin with violating the antifraud provisions of various federal securities laws, and seeks injunctive relief, disgorgement with pre-judgment interest, and civil penalties.

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