{"id":6730,"date":"2018-12-17T15:18:28","date_gmt":"2018-12-17T21:18:28","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6730"},"modified":"2018-12-17T15:18:28","modified_gmt":"2018-12-17T21:18:28","slug":"investor-fraud-ex-hcr-wealth-advisors-advisor-who-stole-1-2m-from-pro-athlete-makes-a-deal-with-the-sec-investment-adviser-and-his-daughter-settle-7-9m-ponzi-scam-case-and-texas-based-developers","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/investor-fraud-ex-hcr-wealth-advisors-advisor-who-stole-1-2m-from-pro-athlete-makes-a-deal-with-the-sec-investment-adviser-and-his-daughter-settle-7-9m-ponzi-scam-case-and-texas-based-developers\/","title":{"rendered":"Investor Fraud: Ex-HCR Wealth Advisors Advisor Who Stole $1.2M from Pro Athlete Makes a Deal with the SEC,  Investment Adviser and His Daughter Settle $7.9M Ponzi Scam Case, and Texas-Based Developers to Pay Over $50M in E-B Offering Scam"},"content":{"rendered":"<br \/>\n<h2><strong>Former HCR Wealth Advisors financial adviser Admits to Defrauding Pro Athlete of $1.2M<\/strong><\/h2>\n<p>Jeremy Joseph Drake, an ex-HCR Wealth Advisors financial adviser, has agreed to a consent judgment in the US <a href=\"https:\/\/www.sec.gov\" target=\"_blank\" rel=\"noopener noreferrer\">Securities and Exchange Commission<\/a>\u2019s 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.<\/p>\n<p>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 \u201cincentive-based compensation\u201d related to these fees. He is accused of fudging financial statements to them, lying, and then later, after admitting to what he\u2019d done, pressuring the couple not to report him by saying that this could lead to \u201cbad publicity\u201d for the athlete.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/investor-fraud-ex-hcr-wealth-advisors-advisor-who-stole-1-2m-from-pro-athlete-makes-a-deal-with-the-sec-investment-adviser-and-his-daughter-settle-7-9m-ponzi-scam-case-and-texas-based-developers\/\"  title=\"Continue Reading Investor Fraud: Ex-HCR Wealth Advisors Advisor Who Stole $1.2M from Pro Athlete Makes a Deal with the SEC,  Investment Adviser and His Daughter Settle $7.9M Ponzi Scam Case, and Texas-Based Developers to Pay Over $50M in E-B Offering Scam\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s case against him in which he admits that he defrauded a pro athlete and his wife of $1.2M while misleading [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3738,3792],"tags":[2866,3228,2867],"class_list":["post-6730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investor-fraud","category-ponzi-scams","tag-hcr-wealth-advisors","tag-hector-may","tag-jeremy-joseph-drake"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investor Fraud: Ex-HCR Wealth Advisors Advisor Who Stole $1.2M from Pro Athlete Makes a Deal with the SEC, Investment Adviser and His Daughter Settle $7.9M Ponzi Scam Case, and Texas-Based Developers to Pay Over $50M in E-B Offering Scam &#8212; Investor Lawyers Blog &#8212; December 17, 2018<\/title>\n<meta name=\"description\" content=\"Investor Fraud Stories including Ex-HCR Wealth Advisors Advisor Who Stole $1.2M from Pro Athlete, Investment Adviser and His Daughter Settle $7.9M Ponzi Scam Case, and Texas-Based Developers to Pay Over $50M in E-B Offering Scam\" \/>\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\/investor-fraud-ex-hcr-wealth-advisors-advisor-who-stole-1-2m-from-pro-athlete-makes-a-deal-with-the-sec-investment-adviser-and-his-daughter-settle-7-9m-ponzi-scam-case-and-texas-based-developers\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Investor Fraud: Ex-HCR Wealth Advisors Advisor Who Stole $1.2M from Pro Athlete Makes a Deal with the SEC, Investment Adviser and His Daughter Settle $7.9M Ponzi Scam Case, and Texas-Based Developers to Pay Over $50M in E-B Offering Scam &#8212; 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