Thursday, June 11, 2009

Fraud Hits NYTimes Your Money Columnist

Matthew Weitzman, a U.S. money manager who ran a financial planning firm, has been arrested on charges of defrauding clients of more than $6 million by stealing from their accounts, authorities said Wednesday, Reuters reported.

According to Ron Lieber of the New York Times (his financial advisor was Matthew Weitzman), The Securities and Exchange Commission accused him (Weitzman) of looting client accounts of at least $6 million and using them “as his personal piggy bank.” It accused him of spending the money he took on a multimillion-dollar home, luxury cars and a share in a horse. Mr. Weitzman agreed to settle the claims without admitting or denying the accusations, though the S.E.C. is unsure about how much money his clients will get back.

For an interesting read, check out Lieber's piece on what its like to be defrauded by a financial advisor--sadly, Lieber is not alone.

An Adviser (Mine) Is Charged With Fraud

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