The SEC used both cases to illustrate why investors should check the credentials of people soliciting their money. As Julie Riewe, co-chief of the SEC Enforcement Division’s asset-management unit put it, “Each adviser in these cases used false claims about his background to create trustworthiness and lend credibility to their offering schemes.”
The agency also issued an investor alert warning “Do not trust someone with your investment money just because he or she claims to have impressive credentials or experience or manages to create a ‘buzz of success’ around himself or herself.”
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