The Securities and Exchange Commission has sued a Glenn Cove, N.Y., investment adviser with for allegedly defrauding his customers a total of $8 million. This was done, the SEC said, in a cash investment program in which the adviser inflated the value of customer holdings through a practice called cross-trading.
The adviser, Warren Nadel, was able to get away with his scam from early 2007 through 2009, according to the SEC, because he owned the brokerage firm which acted as the agent to the buyer and seller of the securities. Nadel could not be reached for comment.
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