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Investment Adviser Charged With Cherry-Picking, Misleading Clients - SEC
October 4, 2016
The SEC accused Laurence Balter and his Hawaii-based firm Oracle Investment Research of “cherry-picking” profitable trades for his own account rather than a client’s accounts, and misleading seniors and other clients about the fees he charged and the risks in investments he recommended. An administrative judge will hear the case.
Among other things, Balter is alleged to have ...
- purchased stocks and options in an omnibus account and waited to allocate the trades until after they were executed - placing profitable trades in his own accounts and unprofitable ones in client accounts.
- told clients invested in his affiliated mutual fund they would not pay both advisory fees and fund management fees, yet he charged both fees anyway.
