SEC Says Financial Adviser Stole Ruthlessly

     (CN) – An upstate investment adviser stole $6 million from clients, including $430,000 from a man who was terminally ill – and then took another $85,000 from his widow, the SEC says in Federal Court. The SEC says Matthew D. Weitzman, 43, of Armonk, swiped another $400,000 from “an elderly couple with compromised mental capacities.” Weitzman is principal and co-founder of AFW Asset Management of Purchase, N.Y. and Natick, Mass. – and also its compliance officer.

     Weitzman also siphoned money from clients’ IRA accounts and spent it on a multimillion-dollar home, cars and other luxuries, the SEC says, and provided bogus account statements to cover it up.
     The SEC seeks freezing of assets, disgorgement, an injunction and penalties. It said Weitzman agreed to settle the complaint, without admitting guilt, but the dollar value of the settlement has been deferred until later.
     Federal prosecutors in Manhattan also charged Weitzman today, on the same allegations, the SEC said. The SEC said Weitzman swiped $35,000 from another client as recently as March 24. Before April this year, Weitzman claimed AFW had more then 300 clients and $200 million under management, the SEC says.

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