A New Jersey man used an unregistered investment adviser he ran to take more than $2.62 million from funds his firm managed, the SEC said June 24.
Donald S. LaGuardia Jr. used most of the money to pay rent and salaries for his firm, L-R Managers LLC, and also misappropriated $300,000 to pay for home renovations, according to the complaint the Securities and Exchange Commission filed in the U.S. District Court for the Southern District of New York.
LaGuardia diverted about $1.37 million that investors intended to go to the funds to L-R Managers’ bank account, the complaint said. He ...
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