Muntin is accused of stealing more than $314,000 from one of his clients.
The SEC charged Michigan resident Steven F. Muntin with cheating one of his financial counseling clients out of almost $314,000 on November 5, 2021.
Muntin allegedly worked for an SEC-registered investment adviser and also ran his own company, Executive Asset Management, Inc., where he allegedly managed certain investments for his clients outside of that adviser. Executive Asset Management was formerly registered as an investment adviser with the state of Michigan, according to the SEC’s complaint. Muntin allegedly recruited one of his elderly advice customers to submit cheques totaling $305,750 to Executive Asset Management for putative securities investments between March 2016 and February 2020, according to the allegations. Muntin, on the other hand, did not invest the client’s money in stocks, instead using it to pay his mortgage, real estate taxes, health insurance, boat and auto loans, and credit card payments, according to the complaint. Muntin is also accused of overcharging the customer for at least $9,000 in asset management fees, according to the complaint.
Muntin is accused of violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, and the SEC is seeking injunctive relief, disgorgement with pre-judgment interest, and civil penalties.
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