SEC charges Texas RIA with $58 million fraud

The Securities and Exchange Commission has charged San Antonio, Texas-based investment adviser Robert J. Mueller with operating a years-long fraudulent scheme that raised approximately $58 million from nearly 300 investors in two investment funds.

Mueller’s company, deeproot Funds, “designs, administers and manages alternative private equity and debenture funds,” according to its website.

The SEC alleges that Mueller and deeproot operated two pooled investment funds and persuaded clients, many retirees, to cash out annuities and invest the money in the two funds.

The SEC is seeking civil penalties, disgorgement of ill-gotten gains with interest and permanent injunctions.

[More: FBI, SEC warn public about fake brokers and advisers]

The post SEC charges Texas RIA with $58 million fraud appeared first on InvestmentNews.

Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.

Andrew Vincent
Andrew is half-human, half-gamer. He's also a science fiction author writing for BleeBot.
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