The Securities and Exchange Commission has charged Fusion Analytics Investment Partners, a Coral Springs, Florida-based registered investment advisory firm managing $50 million, and Michael J. Conte, its chief executive, with breaches of fiduciary duty and fraud.
According to the SEC’s complaint, Conte and his firm solicited retail investors and clients of the firm to purchase promissory notes issued by Fusion Holdings, the firm’s parent. The firm raised $1.4 million from 10 investors from 2010 to 2016 without disclosing material facts regarding the RIA firm’s declining financial condition.
The complaint further alleges that Conte made material representations to investors regarding the firm’s profitability and the safety and soundness of the promissory notes.
The SEC is seeking permanent injunctions and, on a joint-and-several basis, disgorgement with prejudgment interest and civil penalties against all defendants.
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