The Securities and Exchange Commission has charged Clifton Curtis Sneed Jr. of Cedar Hill, Texas, with defrauding investment advisory clients out of at least $1.1 million.
Sneed, who is now incarcerated in a federal corrections institution in Texas awaiting trial on wire and securities fraud charges in a related criminal case, allegedly concealed his lengthy criminal past and lied about his credentials when pitching investments with outsize returns to church members.
From sales to these individuals, Sneed allegedly received more than $400,000 in fees and undisclosed commissions.
Sneed's history includes pleading guilty to felony securities fraud and other securities violations in Utah and being ordered to cease and desist from securities offerings in multiple states on numerous occasions from 2006 through 2018.
In this case, the SEC is seeking a permanent injunction against Sneed, a conduct-based injunction, disgorgement of allegedly ill-gotten gains with prejudgment interest and a civil penalty.
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