{"id":4806,"date":"2017-11-13T19:45:38","date_gmt":"2017-11-14T01:45:38","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4691"},"modified":"2022-03-22T15:10:17","modified_gmt":"2022-03-22T20:10:17","slug":"ex-investment-adviser-accused-defrauding-retirees-1-85m","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/","title":{"rendered":"Ex- Investment Adviser is Accused of Defrauding Retirees of Over $1.85M"},"content":{"rendered":"<p>\t\t\t\tThe US Securities and Exchange Commission has filed civil charges against a former broker and investment adviser. According to the regulator\u2019s <a href=\"https:\/\/www.stockbroker-fraud.com\">investment adviser fraud <\/a>complaint, Jay Costa Kelter defrauded three retirees of over $1.856M. Meantime, prosecutors in Tennessee have filed a criminal case against him related to one of the clients. A federal grand jury indicted him on multiple counts of wire fraud, mail fraud, and security fraud.<\/p>\n<p>The SEC contends that from 9\/2013 through last year, Kelter, who owns insurance and investment firm BEK Consulting Partners LLC (known in the past as Kelter &amp; Company LLC), made misrepresentations to the older investors, whom he\u2019d persuaded in 2013 to transfer their accounts to TD Ameritrade (AMTD) after he left his former employer. The former broker had access to their new accounts and was authorized to keep giving them investment advice and make trades on their behalf while, meantime, he allegedly used the funds for himself.<\/p>\n<p>For example, Kelter is accused of misappropriating $1.467M from a 75-year-old widow who was nearly totally financial dependent on her investments by engaging in fraud and forgery. The SEC\u2019s complaint said that the client had told him she was only interested in making conservative investments.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/#more-4806\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Securities and Exchange Commission has filed civil charges against a former broker and investment adviser. According to the regulator\u2019s investment adviser fraud complaint, Jay Costa Kelter defrauded three retirees of over $1.856M. Meantime, prosecutors in Tennessee have filed a criminal case against him related to one of the clients. A federal grand jury [&hellip;]<\/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":[3773,3781,3801,3760,3803],"tags":[],"class_list":["post-4806","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-investment-advisers","category-sec","category-sec-enforcement","category-senior-investors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ex- Investment Adviser is Accused of Defrauding Retirees of Over $1.85M &#8212; Investor Lawyers Blog &#8212; November 13, 2017<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission has filed civil charges against a former broker and investment adviser. According to the regulator\u2019s investment &#8212; November 13, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ex- Investment Adviser is Accused of Defrauding Retirees of Over $1.85M &#8212; Investor Lawyers Blog &#8212; November 13, 2017\" \/>\n<meta name=\"twitter:description\" content=\"The US Securities and Exchange Commission has filed civil charges against a former broker and investment adviser. According to the regulator\u2019s investment &#8212; November 13, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ex- Investment Adviser is Accused of Defrauding Retirees of Over $1.85M &#8212; Investor Lawyers Blog &#8212; November 13, 2017","description":"The US Securities and Exchange Commission has filed civil charges against a former broker and investment adviser. According to the regulator\u2019s investment &#8212; November 13, 2017","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/","twitter_card":"summary_large_image","twitter_title":"Ex- Investment Adviser is Accused of Defrauding Retirees of Over $1.85M &#8212; Investor Lawyers Blog &#8212; November 13, 2017","twitter_description":"The US Securities and Exchange Commission has filed civil charges against a former broker and investment adviser. According to the regulator\u2019s investment &#8212; November 13, 2017","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Ex- Investment Adviser is Accused of Defrauding Retirees of Over $1.85M","datePublished":"2017-11-14T01:45:38+00:00","dateModified":"2022-03-22T20:10:17+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/"},"wordCount":611,"articleSection":["Broker Fraud","Investment Advisers","SEC","SEC Enforcement","Senior Investors"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/","url":"https:\/\/www.investorlawyers.com\/blog\/ex-investment-adviser-accused-defrauding-retirees-1-85m\/","name":"Ex- Investment Adviser is Accused of Defrauding Retirees of Over $1.85M &#8212; Investor Lawyers Blog &#8212; November 13, 2017","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2017-11-14T01:45:38+00:00","dateModified":"2022-03-22T20:10:17+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"The US Securities and Exchange Commission has filed civil charges against a former broker and investment adviser. 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