A Kansas City-area investment adviser allegedly charged some professional athlete clients higher fees for his services and made unsuitable investments, the SEC says in a complaint filed in federal court in Missouri.
Douglas E. Elstun also charged four pro athletes advisory fees on assets not covered by their agreements, causing them to collectively pay more than $360,000 extra, the Securities and Exchange Commission told the U.S. District Court for the Western District of Missouri.
He directed the staff at Crossroads Financial Management Inc., the firm he formerly owned, to “fabricate advisory agreements with phony fee percentages” which he then showed ...
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