On August 19, 2009, the Securities and Exchange Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions against Matthew D. Weitzman.
The Order finds that on June 26, 2009, a judgment was entered by consent against Weitzman permanently enjoining him from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, Sections 206(1) and 206(2) of the Investment Advisers Act, and aiding and abetting violations of Section 204 of the Advisers Act and Rules 204-2(a)(3) and 204-2(a)(7) thereunder, in the civil action entitled Securities and Exchange Commission v. Matthew D. Weitzman, Civil Action Number 09-cv-5353, in the United States District Court for the Southern District of New York. The Order further finds that the Commission’s complaint alleges that from at least 2005 until March 2009, Weitzman misappropriated several million dollars from AFW’s advisory clients’ brokerage accounts.
The Order also finds that the Commission’s complaint alleges that Weitzman used these client funds to furnish a lavish and luxurious lifestyle, which included the purchase of, or acquisition of interests in, a multi-million dollar home, a horse, cars, and other luxury items. The Order also finds that the complaint alleges that Weitzman actively concealed his fraudulent scheme by forging client signatures on letters purportedly authorizing transfers of client funds out of their brokerage accounts. The Order further finds that the complaint alleges that, in addition, when certain clients questioned Weitzman about the unauthorized transfers from their accounts, Weitzman falsely stated that the funds would be used for legitimate investment purposes when in fact Weitzman misappropriated the funds for his own use. The Order finds that the Commission’s complaint alleges that Weitzman prepared false quarterly account statements and provided these statements to clients, and that his misappropriation of client funds totaled in excess of $6 million.
Based on the above, the Order bars Weitzman from association with any investment adviser. Weitzman consented to the issuance of the Order without admitting or denying any of the findings. (Rel. IA-2917; File No. 3-13585)
If you have questions about investments you made with Matthew D. Weitzman or AFW Wealth Advisors, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office at 312-238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit https://whitesecuritieslaw.com.Tags: AFW Wealth Advisors, broker fraud, FINRA, investment losses, investor protection, law firm, Matthew Weitzman, NASD, SEC, securities arbitration, Securities Attorney, Securities Lawyer Last modified: July 17, 2015