The Securities and Exchange Commission charged a former registered representative and investment advisor with operating a long-running offering fraud.

The SEC’s complaint alleges that Douglas Simanski raised more than $3.9 million from approximately 27 of his brokerage customers and investment advisory clients by telling them that he would invest their money in either a “tax-free” fixed rate investment, a rental car company, or one of two coal mining companies in which Simanski claimed to have an ownership interest.

Source: https://www.thinkadvisor.com/2018/11/09/sec-charges-advisor-with-scamming-elderly-out-of-m/

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