Money Manager Bilked Old-Timers, SEC Says

CHICAGO – Edward L. Moskop and Financial Services Moskop & Associates have been “siphoning away the life savings of at least two elderly investors” for more than 20 years, using “false promises, phony account statements and forged documents,” the SEC claims in Federal Court.

     Moskop, of Belleville, stole “hundreds of thousands of dollars” from the old-timers, and is not registered with the SEC or a registered broker, the SEC says. In 1990 the National Association of Securities Dealers nka FINRA barred him from associating with any member of FINRA because he “deposited customer investment funds into an account in which he had a beneficial interest and used the funds for his personal benefit,” according to the complaint.
     The victims invested more than $250,000 with Moskop, got nothing from it, and only $40,000 remains in their account, the SEC says.
     It adds: “He recently claimed to have over 60 ‘premium’ clients like the investors, and over 500 clients in total.”
     The SEC seeks disgorgement, an injunction and penalties for securities fraud.

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