SEC Says Scam Was All In The Family

WASHINGTON (CN) - Investment adviser Thomas J. Smith duped clients for $676,223 while running Smith & Reid Investments, the SEC says. All the victims were his relatives, the SEC claims in Federal Court.

Smith, 51, of Franklin, Tenn., allegedly skimmed the money by buying stock during the day for his relatives, then selling it to himself at a discount after the market closed. He did this 554 times, the SEC says.

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