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Connecticut Investment Advisor Admits Guilt in $2.7M Cherry-picking Scam

Posted on October 31st, 2023 at 2:16 PM
Connecticut Investment Advisor Admits Guilt in $2.7M Cherry-picking Scam

From the desk of Jim Eccleston at Eccleston Law 

Jonathan Vincent Glenn, the CEO of Glenn Capital in Greenwich, Connecticut, pleaded guilty to federal securities fraud charges, facing a potential 25-year prison sentence.

Glenn admitted to cherry-picking stocks and defrauding clients of over $2.7 million. This plea came one month after Glenn and his firm settled SEC charges related to the same misconduct.

As part of his guilty plea, Glenn confessed to transferring profitable trades to specific clients, which included family members and his personal accounts, while directing unprofitable trades to other clients. The SEC found that the likelihood of those favored accounts receiving those profitable trades by chance was statistically almost impossible. The Justice Department stated that Glenn defrauded a total of 49 clients, as reported by WealthManagement.com.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

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