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

Return to Archive

TESTIMONIALS

Previous
Next

I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

January 24, 2025
Fidelity to Shift Independent Advisor Cash to Lower-Yielding FCash Amount in 2025

Fidelity Investments plans to redirect cash balances in non-retirement brokerage accounts managed by independent financial advisors to its in-house sweep account, FCash, starting in 2025.

January 23, 2025
Barred Advisor Continues Pattern of Settlements at Western International Securities

Chris Kennedy, a barred advisor formerly associated with Western International Securities, has agreed to a $2.1 million settlement with the Securities and Exchange Commission (SEC) over allegations of high-volume trading, or churning, in client accounts.

January 22, 2025
FINRA to Revise Outside Business Activities Rules

The Financial Industry Regulatory Authority (FINRA) is seeking to overhaul its rules on outside business activities (OBA) and private securities transactions.