In a statement, Adam S. Aderton, Co-Chief of the SEC Enforcement Division’s Asset Management Unit, said, “Investment advisers must provide honest representations to investors, disclose or eliminate conflicts of interest with clients, and not abuse client assets. e allege that Franzone and FFM violated federal securities laws by breaching these fundamental obligations.”
Meanwhile, the U.S. Attorney’s Office for the Southern District of New York filed criminal charges against Franzone.
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