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SEC Charges Broker for Defrauding Elderly Clients

Washington DC, USA - January 13, 2018: US United States Securities and Exchange Commission SEC entrance architecture modern building sign, logo, american flag, looking up sky, glass windows reflection

The Securities and Exchange Commission has charged Anthony B. Liddle, a resident of Wausau, Wisconsin, with defrauding at least 13 investment advisory clients of approximately $1.9 million.

According to the SEC’s complaint, Liddle, while acting as an investment adviser, fabricated documents and made misrepresentations to clients, many of whom were seniors. Allegedly, Liddle misrepresented that these clients’ portfolios had become too risky and needed to be replaced with less risky securities. However, these “less risky” securities were often rated as high risk and were also unavailable.

Supposedly, Liddle had advisory clients send money directly to his investment advisory company, where Liddle misappropriated client funds and never invested the money on his clients’ behalf. The complaint alleges that Liddle then fabricated statements and made purported investment payments that were coming from defrauded client funds to advisory clients in order to continue his fraudulent scheme.

The SEC’s complaint, filed in federal court in the Western District of Wisconsin, charges Liddle with violating the antifraud provisions. The SEC seeks injunctive relief, disgorgement with prejudgment interest, a civil penalty, and a bar against Liddle serving as an officer or director of a public company.

According to BrokerCheck, Liddle began working in the finance industry in 2008 with Eliason Financial Group LLC. He was there for two years before moving to Western International Securities Inc. in 2012 and remained there for seven years. Liddle moved to Landolt Securities Inc. in 2022 and stayed for two years before he was barred in June 2022.

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