Louis Martin Blazer, III, a financial advisor from Pittsburgh, was charged by the Securities and Exchange Commission (SEC) for allegedly creating a Ponzi scheme. The SEC believes Blazer defrauded his pro athlete clients by taking about $2.35 million out of their accounts, without their authorization, and invested it into two films he was producing. One of Blazer's clients noticed that Blazer had taken $500,000 from his account for the films. When the client told Blazer he was going to file a lawsuit, Blazer said he would return the money. The SEC believes that he was able to make the repayment by using money misappropriated from another client's account.
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
To read more, please visit: http://www.sec.gov/news/pressrelease/2016-83.html