A former investment adviser at a large financial institution, Darryl Matthew Cohen, has been charged by the Securities and Exchange Commission (SEC) for misappropriating more than $1 million from three current and former NBA players over a period of two and a half years. The SEC’s complaint alleges that Cohen used client funds for personal expenses without their understanding or authorization, including to support his son’s amateur basketball program, for a home gym, and to pay back another client whose funds Cohen had misappropriated. Cohen also allegedly sold life insurance settlements to the clients for kickbacks to fund his home improvements. The SEC’s complaint seeks permanent injunctive relief, disgorgement and prejudgment interest, and a civil penalty. The U.S. Attorney’s Office for the Southern District of New York also announced criminal charges against Cohen. The SEC’s ongoing investigation is being conducted by Payam Danialypour and Manuel Vazquez and supervised by Brent Wilner, all of the Asset Management Unit. The litigation will be led by Stephen Kam and supervised by Gary Leung of the Los Angeles Regional Office. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of New York and the Financial Industry Regulatory Authority.
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