SEC Bars Michigan Advisor Who Misappropriated $314,000 From Elderly Client

Posted on May 23rd, 2022 at 8:33 AM
SEC Bars Michigan Advisor Who Misappropriated $314,000 From Elderly Client

From the Desk of Jim Eccleston at Eccleston Law:

The Securities and Exchange Commission has barred an advisor who allegedly misappropriated nearly $305,000 from an elderly client and additionally overcharged the client at least $9,000 in advisory fees.  

The Michigan-based advisor, Steven Muntin, operated his own investment advisory firm, Executive Asset Management Inc., which managed $26 million in client assets, according to the SEC. According to the SEC’s complaint, Muntin’s fraud occurred while he was employed at an unnamed RIA firm between 2016 and 2020 where he ran parallel client accounts at his own firm, Executive Asset Management. 

According to the SEC, Muntin began soliciting one elderly client to write $306,000 in checks to Executive Assets Management to fund purported investments in 2016. However, Muntin failed to invest any of the funds and instead spent the money for his own benefit shortly after receiving the checks, according to the SEC. 

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

 
 

Tags: eccleston law, sec, Michigan advisor

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