A Kansas City-area investment adviser reached a deal to settle SEC allegations of charging some professional athlete clients higher fees and making unsuitable investments, the agency said in federal court in Missouri.
Douglas E. Elstun agreed to pay more than $841,000 in disgorgement, prejudgment interest, and a civil fine to resolve allegations he charged four professional athletes advisory fees on assets not covered by their agreements, causing them to collectively pay more than $360,000 extra, according to documents the Securities and Exchange Commission filed in the U.S. District Court for the Western District of Missouri.
He allegedly misled clients about ...
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