A federal jury found an investment advisor liable for fraud after he allegedly enticed his former brokerage clients to transfer their assets from Wedbush to his RIA practice.
The SEC brought its complaint in September 2010, charging that Benjamin Lee Grant had engaged in a scheme to deceive customers about a transition in the management of their assets, inventing circumstances that compelled clients to move their assets to Sage Advisory Group, the independent RIA Grant set up in Boston, and ran as a sole proprietor upon leaving his brokerage.
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