Elderly family member accused of providing advice despite being investigated without compliance oversight
A duo of father-and-son investment advisors have been accused by the SEC of defrauding clients, including because the father posed as his son when he called the company’s clearing broker.
Michael Sztrom, who has been in the industry for 15 years, stepped down from his company in 2015, according to a report by Financialadvisoriq.com. He learned that he was under regulatory investigation and that a number of clearing brokers would not allow their platform to be used to execute trades for their clients.
Michael and his son David, who had just passed their securities license exam at the time of the alleged crimes, advised their company Sztrom Eealth Management from November 2015 to March 2018, according to the SEC.
During this time, the couple, who are based in Ranch Santa Fe, Calif., Alleged the hoax that the elder Sztrom was associated with the RIA Advanced Practice Advisors when in fact he was not and was not affiliated with any RIA. t are subject to compliance supervision.
It is also alleged that David Sztrom allowed his father to use APA’s clearing broker for client transactions without disclosing the practice to his clients and that Michael posed as David on phone calls to the clearing broker on at least 38 different occasions .
The SEC also claims that David Sztrom allowed Michael Sztrom to get confidential customer information and use his personal cell phone to text customers about their investments instead of APA’s email system.
According to Financialadvisoriq.com, the tax authorities are seeking permanent injunctions and fines against the Sztroms and Sztrom Wealth Management
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