{"id":5956,"date":"2016-05-11T00:00:00","date_gmt":"2016-05-11T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/05\/sec_says_pennsylvania_financia"},"modified":"2016-05-11T00:00:00","modified_gmt":"2016-05-11T05:00:00","slug":"sec-says-pennsylvania-financia","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-says-pennsylvania-financia\/","title":{"rendered":"SEC Says Pennsylvania Financial Adviser Bilked Professional Athletes"},"content":{"rendered":"

The U.S. Securities and Exchange Commission is filing fraud charges <\/a>against Louis Martin Blazer III, a Pittsburgh-based financial adviser. Blazer founded Blazer Capital Management\u2014a firm that works with high-net worth individual clients and professional athletes. He allegedly took money out of the accounts of these athletes without their permission so he could issue Ponzi-like payments and invest in movies. <\/p>\n

The SEC contends that Blazer took about $2.35M from five clients and invested in two movie projects. One client had even rejected the opportunity to invest in the films and still Blazer purportedly took $550K from this person\u2019s account and invested the funds. After the client found out about the authorized investment and demanded his money back, Blazer allegedly used from another athlete\u2019s account to pay the other client back, forging the second client\u2019s signature on documents to initiate the transfer of $650K. He used $550K of that to pay back the first client. He purportedly used the remaining $100K to invest in a music venture on behalf of Blazer Capital. <\/p>\n

When SEC examiners discovered the unauthorized transactions made in clients\u2019 accounts, Blazer allegedly lied about them and turned over false documents that he had created to conceal his misconduct. He said that clients had authorized the transactions.<\/p>\n

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

The U.S. Securities and Exchange Commission is filing fraud charges against Louis Martin Blazer III, a Pittsburgh-based financial adviser. Blazer founded Blazer Capital Management\u2014a firm that works with high-net worth individual clients and professional athletes. He allegedly took money out of the accounts of these athletes without their permission so he could issue Ponzi-like payments […]<\/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":[3760,3795,3761],"tags":[],"class_list":["post-5956","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis"],"yoast_head":"\nSEC Says Pennsylvania Financial Adviser Bilked Professional Athletes — Investor Lawyers Blog — May 11, 2016<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission is filing fraud charges against Louis Martin Blazer III, a Pittsburgh-based financial adviser. 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Blazer founded — May 11, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Says Pennsylvania Financial Adviser Bilked Professional Athletes — Investor Lawyers Blog — May 11, 2016","description":"The U.S. Securities and Exchange Commission is filing fraud charges against Louis Martin Blazer III, a Pittsburgh-based financial adviser. 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