SEC settles fraud charges against Ponzi-scheme participant

SEC settles fraud charges against Ponzi-scheme participant
Former adviser Barry Bekkedam will pay a $100,000 fine plus interest
APR 22, 2020
The Securities and Exchange Commission has reached a settlement with former Philadelphia-area investment adviser Barry R. Bekkedam, who was charged with inducing clients and others to invest $100 million in Ponzi scheme. Bekkedam previously was convicted in a related criminal case and sentenced to a prison term of 11 months followed by three years of supervised release and ordered to pay a $100,000 fine. In the settlement reached with the SEC, he will pay disgorgement of $150,000 plus prejudgment interest of $70,969. According to the SEC’s complaint from 2014, Bekkedam made material misrepresentations and omissions and failed to disclose conflicts of interest when soliciting his clients and others to invest in a fund that allegedly purchased lawsuit settlements. The activity took place from April 2009 through October 2009. [More: Remember Bernie Madoff? Big time financial fraud is back] 

Latest News

Stocks rise ahead of packed week of earnings, data
Stocks rise ahead of packed week of earnings, data

Four of the Magnificent Seven will report this week.

Gold down more than 5% in less than a week
Gold down more than 5% in less than a week

Easing anxiety has seen the haven asset slide from record high.

Bond managers grapple with multiple unanswered questions
Bond managers grapple with multiple unanswered questions

Uncertainty remains challenging for Treasuries traders.

Consumers facing higher costs as Chinese firms pass on tariff burden
Consumers facing higher costs as Chinese firms pass on tariff burden

Move will raise concerns of inflationary impact of tariffs.

Americans earning under $200K could pay less tax, or perhaps nothing says Trump
Americans earning under $200K could pay less tax, or perhaps nothing says Trump

President says tariffs could see income tax ‘completely eliminated’ for some

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.