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The Securities and Exchange Commission (SEC) today (Aug. 30) charged a San Diego-based investment advisory firm, J.S. Oliver Corp., and its president Ian O. Mausner, with a "cherry-picking" scheme in which Mausner got the cherries and his clients had their pockets picked.
In the alleged cherry-picking scheme, the Oliver firm and Mausner directed profitable trades to hedge funds in which Mausner and his family had investments. But less profitable trades were doled out to other clients, including a widow and a charitable foundation, charges the SEC. The disfavored clients suffered $10.7 million in harm, according to the SEC.
The Securities and Exchange Commission (SEC) today (Aug. 30) charged a San Diego-based investment advisory firm, J.S. Oliver Corp., and its president Ian O. Mausner, with a "cherry-picking" scheme in which Mausner got the cherries and his clients had their pockets picked.
In the alleged cherry-picking scheme, the Oliver firm and Mausner directed profitable trades to hedge funds in which Mausner and his family had investments. But less profitable trades were doled out to other clients, including a widow and a charitable foundation, charges the SEC. The disfavored clients suffered $10.7 million in harm, according to the SEC.