michigan-financial-advisor-charged-by-sec-with-fraud

Muntin is accused of defrauding one of his clients out of more than $314,000.

michigan-financial-advisor-charged-by-sec-with-fraudOn November 5, 2021, the SEC charged Michigan resident Steven F. Muntin with defrauding one of his investment advisory clients out of more than $314,000.

Muntin purportedly worked for an SEC-registered investment adviser and also managed certain investments for his clients outside of that adviser through his own company, Executive Asset Management, Inc. According to the SEC’s complaint, Executive Asset Management was previously registered as an investment adviser with the state of Michigan. As alleged, between March 2016 and February 2020, Muntin solicited one of his elderly advisory clients to write checks totaling $305,750 to Executive Asset Management for purported investments in securities. However, according to the complaint, Muntin did not invest the client’s money in securities, but spent it for his own benefit, including to pay his mortgage, real estate taxes, health insurance, boat and car loans, and credit card bills. The complaint further alleges that Muntin also overcharged the client for at least $9,000 in assets under management fees.

The SEC charged Muntin with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, and seeks injunctive relief, disgorgement with pre-judgment interest, and civil penalties.

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Steven F. Muntin. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help.For a free consultation, please call us now at 866-827-3202 or complete our contact form.

Sonn Law Group is investigating claims regarding Joel Eziekel Blum (CRD #4905379, Goshen, New York). Blum recently submitted an AWC in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 20 days. See FINRA Case #2014040186601. Blum was associated with Merrill Lynch from May 2008 until his termination in February 2014. Blum has been associated with Ameriprise Financial Services, Inc., since February 2014. The Form U-5 filed by Merrill Lynch to terminate Blum's registration states that he was discharged for "conduct including failure to contact clients in advance of entering orders in non-discretionary accounts and mismarking order tickets as unsolicited." FINRA found that Blum executed discretionary transactions in customer accounts without written authorization to do so. In addition, Blum mismarked order tickets in connection with these transactions, inaccurately indicating that the trades were unsolicited, according to FINRA. In entering into the AWC, Blum neither admitted or denied FINRA's findings. Pursuant to FINRA Rules, member firms are responsible for supervising a broker's activities during the time the broker is registered with the firm. Therefore, Ameriprise or Merrill Lynch may be liable for investment or other losses suffered by Blum's customers. If you were a client of Ameriprise, Merrill Lynch, or Blum, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our "contact form."
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