Massachusetts Man Charged with Fraud

Posted on May 1st, 2020 at 5:13 PM

From the Desk of Jim Eccleston at Eccleston Law LLC:

Federal prosecutors in Philadelphia filed charges against Lee D. Weiss, alleging that Weiss committed wire fraud. According to prosecutors, Weiss, formerly an investment adviser at Family Endowment Partners in Newton, Massachusetts, stole more than $10 million from clients and used that money for personal expenses, including car payments, country club fees and sports tickets. 

According to prosecutors, Weiss’s clients believed he was investing their money in private offerings.  Instead, Weiss used the client’s money for his own personal expenses and to make Ponzi-style payments to other clients.  In total, Weiss is charged with six counts of wire fraud and two counts of mail fraud. 

Weiss has already been banned by the SEC from participating in the brokerage and investment adviser industry.  Weiss agreed to the ban, and also to fines and disgorgement of $9.5 million, in June 2016.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 

Related Attorneys: James J. Eccleston

Tags: eccleston, eccleston law, james eccleston, lee weiss, personal expenses, sec

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