The Securities and Exchange Commission has charged three affiliated New York based investment firms and four senior officers with fraud, misuse of client assets, and other securities laws violations involving their $66 million advisory business.
William Landberg, an investment adviser, and president Kevin Kramer ? through the firms West End Financial Advisors LLC, West End Capital Management LLC, and Sentinel Investment Management Corporation ? misled investors into thinking their money was in safe, income producing funds when, in reality, the SEC alleged, the funds were losing money. Also charged were Steven Gould, West End’s chief financial officer and West End’s controller Janis Barsuk.
As George S. Canellos, Director of the SEC’s New York Regional Office said, “The investment advisers here grossly abused the trust of their clients. They misappropriated and commingles their clients’ assets and sustained the illusion of a viable and successful business through a range of false representations.”
David Rosenfeld, Associate Director of the SEC’s New York Regional Office, added, “West End raised millions from investors by touting false positive returns while concealing fraudulent bank loans, cash flow problems, and the misappropriation of investor assets.”
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