SEC: Father and Son Duo Misled Investors The charges against Michael and David Sztrom were filed late last week and are one of two complaints against advisors related to a California-based RIA.
Michael Sztrom, a California-based advisor who was banned by broker/dealers from making investment recommendations, continued doing business anyway, using his son’s registered advisory firm as a front, and even impersonating his son on calls, according to a complaint filed by the Securities and Exchange Commission.
The charge comes on the heels of another against a financial advisor, Arizona-based advisor Jacob Glick, who is charged by the commission with making concentrated stock bets with elderly clients’ funds without revealing the risks involved. The SEC is seeking permanent injunctions, disgorgement and civil penalties against the defendants.