S.E.C. Fraud Case Says Adviser Puffed Up His Background Online

From the New York Times

An unregistered investment adviser with a criminal past and an interest in the wine business is facing fraud charges by the Securities and Exchange Commission, which has accused him of going to extraordinary lengths to hide his past from investors and make his firm appear legitimate.

The S.E.C. says the Florida-based adviser, Steven Zoernack, 53, used fake identities to communicate with investors and make his firm look larger. Those efforts included creating an imaginary employee named Amanda Sutton who held the title “investor relations professional,” the commission said.

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