Former HCR Wealth Advisors financial adviser Admits to Defrauding Pro Athlete of $1.2M
Jeremy Joseph Drake, an ex-HCR Wealth Advisors financial adviser, has agreed to a consent judgment in the US Securities and Exchange Commission’s case against him in which he admits that he defrauded a pro athlete and his wife of $1.2M while misleading them about how much he was actually charging them to manage about $35M of their money.
The US government contends that Drake told the couple that he was charging them less than most clients to manage their assets. Instead, they ended up paying $1.2M more in management fees. Drake, meantime, was personally paid $900k in “incentive-based compensation” related to these fees. He is accused of fudging financial statements to them, lying, and then later, after admitting to what he’d done, pressuring the couple not to report him by saying that this could lead to “bad publicity” for the athlete.