Tr?id=566623520170033&ev=PageView&noscript=1

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

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

1776353258 Law
April 16, 2026
Former Financial Advisor Pleads Guilty to $10 Million Fraud Scheme Targeting Elderly Client

A former financial advisor has pleaded guilty to wire fraud after orchestrating a scheme that stole nearly $10 million from an elderly client, according to reporting by Financial Advisor News.

1776286541 Law
April 15, 2026
Court Issues Split Ruling in Edelman Advisor Dispute

A federal court in Delaware has delivered a mixed decision in a dispute between Edelman Financial Engines and Prime Capital Financial, underscoring the legal limits of restrictive covenants in the advisory space.

1776182162 Law
April 14, 2026
FINRA Seeks Public Comment on Potential Overhaul of Arbitration Rules

The Financial Industry Regulatory Authority (FINRA) has issued Regulatory Notice 26-06, requesting public comments on proposed changes to its arbitration framework.