SEC Blows Whistle on Chicagoland CPA

     WASHINGTON (CN) – The SEC on Wednesday charged Chicagoland CPA Anthony Fields with offering “more than $500 billion in fictitious securities through various social media websites.”



     The SEC sued Fields, 54, of Lyons, Ill., dba Anthony Fields & Associates and dba Platinum Securities Brokers.
     The SEC claims Fields provided false and misleading information about his companies’ assets under management, failed to keep required books and records, failed to comply with appropriate policies and procedures, and held himself out as a broker-dealer though he was not registered with the SEC.
     According to the SEC’s cease-and-desist order: “On March 15, 2010, Fields filed a Form ADV with the Commission in which he falsely represented that he had $400 million in assets under management. Additionally, Fields represented that he was managing assets for pooled fund vehicles, companies, and high net worth individuals. Contrary to his representations, AFA has never had any assets under management or managed assets for pooled fund vehicles, corporations, or high net worth individuals. …
     “From at least March 2010 to the present, Fields disseminated materially false and misleading information to the public through AFA’s website. In addition to highlighting AFA’s (improper) registration with the Commission, falsely stating that Platinum was a registered broker-dealer, and directing potential clients to its Commission filings, which contained false representations about AFA’s assets under management and its clients, AFA’s website falsely claimed (i) to have a $50 billion contract to trade U.S. Treasury securities; (ii) that AFA affiliate Platinum was a primary dealer licensed by the Federal Reserve Bank of New York (‘FRBNY’) to trade U.S. Treasury securities directly for the U.S. Treasury; and (iii) that AFA would utilize Platinum as a primary dealer to reduce client commissions.” (Parentheses in order.)

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