{"id":5628,"date":"2014-06-04T00:00:00","date_gmt":"2014-06-04T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/06\/sec_temporarily_shuts_down_inv"},"modified":"2022-05-05T15:31:58","modified_gmt":"2022-05-05T20:31:58","slug":"sec-temporarily-shuts-down-inv","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-temporarily-shuts-down-inv\/","title":{"rendered":"SEC Temporarily Shuts Down Investment Adviser Over Alleged $8.8M NY Securities Fraud"},"content":{"rendered":"

The U.S. Securities and Exchange Commission is temporarily shutting down investment adviser Scott Valente and his ELIV Group LLC. The regulator is charging both with defrauding about 80 investors of $8.8 million. The regulator says that Valente promised huge returns to customers, who are mostly from the Warwick and Albany areas.<\/p>\n

However, rather than earning positive returns, he took close to $3 million of investor money and spent the funds on his own expenses, including mortgage payments and jewelry. Meantime, he charged these unsophisticated investors a 1% yearly fee for assets under management.<\/p>\n

The SEC said that Valente kept the fraud going by issuing bogus investment statements every month that showed returns and assets under management that had been inflated. In fact, contends the regulator, in its few years of operation the investment firm lost $1.2 million and placed client money in illiquid and speculative privately held-companies. Also, while Valente said he had $17 million in assets under management, that amount was actually just $3.8 million.<\/p>\n

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

The U.S. Securities and Exchange Commission is temporarily shutting down investment adviser Scott Valente and his ELIV Group LLC. The regulator is charging both with defrauding about 80 investors of $8.8 million. The regulator says that Valente promised huge returns to customers, who are mostly from the Warwick and Albany areas. However, rather than earning […]<\/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":[3781,3760,3761],"tags":[],"class_list":["post-5628","post","type-post","status-publish","format-standard","hentry","category-investment-advisers","category-sec-enforcement","category-securities-and-exchange-commis"],"yoast_head":"\nSEC Temporarily Shuts Down Investment Adviser Over Alleged $8.8M NY Securities Fraud — Investor Lawyers Blog — June 4, 2014<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission is temporarily shutting down investment adviser Scott Valente and his ELIV Group LLC. 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