{"id":4770,"date":"2017-08-22T20:35:16","date_gmt":"2017-08-23T01:35:16","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4521"},"modified":"2017-08-22T20:35:16","modified_gmt":"2017-08-23T01:35:16","slug":"investment-adviser-accused-bilking-pro-athlete","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/investment-adviser-accused-bilking-pro-athlete\/","title":{"rendered":"Investment Adviser Accused of Bilking Pro Athlete"},"content":{"rendered":"

\t\t\t\tThe US Securities and Exchange Commission has brought investment adviser against Jeremy Joseph Drake. He is accused of bilking a known professional athlete and his wife, making about $900K in compensation in the process. At the time of the purported financial fraud<\/a>, Drake worked with HCR Wealth Advisers. <\/p>\n

According to the regulator\u2019s complaint, the couple entrusted over $35M of their assets to Drake to manage. As their investment adviser, he owed them a judiciary obligation.<\/p>\n

The investment adviser fraud <\/a>allegedly went on for over three years, during which time he allegedly told the couple that they were receiving a .15 to .20% fee rate on assets under management when they were actually paying a 1% fee. As a result, the athlete and his wife ended up paying $1.2M more in management fees than what they were told they had paid. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission has brought investment adviser against Jeremy Joseph Drake. He is accused of bilking a known professional athlete and his wife, making about $900K in compensation in the process. At the time of the purported financial fraud, Drake worked with HCR Wealth Advisers. According to the regulator\u2019s complaint, the couple […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3781,3738,3801,3760,3741],"tags":[2866,2867,2868],"class_list":["post-4770","post","type-post","status-publish","format-standard","hentry","category-investment-advisers","category-investor-fraud","category-sec","category-sec-enforcement","category-securities-fraud","tag-hcr-wealth-advisors","tag-jeremy-joseph-drake","tag-professional-athlete-fraud"],"yoast_head":"\nInvestment Adviser Accused of Bilking Pro Athlete — Investor Lawyers Blog — August 22, 2017<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission has brought investment adviser against Jeremy Joseph Drake. 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