SEC Bars Portfolio Manager for Diverting Nearly $2 Million to Personal Account

Posted on October 26th, 2017 at 11:00 AM
SEC Bars Portfolio Manager for Diverting Nearly $2 Million to Personal Account

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has barred Massachusetts portfolio manager, Kevin J. Amell for allegedly diverting at least $1.95 million to his personal brokerage account from a fund over which he had trading authority for his clients. In addition to the industry bar, the SEC has ordered sanctions against Mr. Amell. During the time of the alleged fraud, Mr. Amell worked as a portfolio manager at Eaton Vance Management.

According to the SEC’s complaint, from 2014 until this year, Mr. Amell, on at least 265 occasions, pre-arranged the purchase or sale of call options between the fund he was managing and his personal brokerage account. In all, Mr. Amell generated almost $2 million in profits for himself as the fund he was managing suffered loses.  

In a parallel action, Massachusetts also has filed criminal charges against Mr. Amell for orchestrating the scheme.

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 advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, 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: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Eccleston, SEC, portfolio manager, fraud

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