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News June 20, 2005 Issue

Unauthorized Leverage Leads to Lifetime Bar

Remember the April 2005 case against William Belko, where the SEC sued a portfolio manager for failing to proactively inform firm clients that his boss was deviating from the clients’ stated investment limits by taking leveraged bets?

Last week, the SEC permanently barred the boss from the advisory industry. The SEC alleged that the misconduct of Jeff Thomas Allen, the former chairman and president of now-defunct Advanced Investment Management, resulted in more than $415 million in client losses.