The Securities and Exchange Commission (SEC) has been successful in obtaining a final judgment against Steven Muntin, a registered investment advisor who worked with Taylor & Morgan Asset Management (TMA) for four years, on a charge of having defrauded a client out of over $314,000.
Michigan-based Muntin has been ordered by a district court in Michigan to pay a civil penalty of $259,000 apart from disgorgement amounting to $360,000. Any clients of Mr. Muntin are encouraged to call our investment fraud lawyers for a free consultation at 1-800-856-3352.
The Case
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The SEC’s complaint alleged that while working for TMA, Muntin was also running his own company, Executive Asset Management Inc., which, at one point, was registered with the state of Michigan as an investment adviser, through which he was managing some investments for his clients.
He apparently solicited one of his elderly clients to write checks for a total sum of $305,750 to his own firm, Executive Asset Management, supposedly for securities investments. The period of this activity was March 2016 through February 2020.
Instead of investing this money in securities, as advised to the client, Muntin diverted it towards personal expenses like repayment of car and boat loans, credit card bill payments, health insurance, real estate taxes, mortgage repayments, etc. Additionally, he collected an extra $9,000 as management fees from the same client.
Steven Muntin Conclusion
While he did not admit or deny the allegations, Muntin has been permanently enjoined from violating the antifraud provisions of various federal securities laws as a result of his agreement to the entry of a judgment to this effect.
