The Securities and Exchange Commission is seeking information from a Massachusetts man over the receipt of funds allegedly stolen from an investment adviser as part of an alleged Nigeria-based fraud scam, the SEC said Thursday.
A federal judge on Tuesday ordered the man, Adam Bielski, to show cause at a November 9 hearing on why he should not comply with an SEC investigative subpoena.
The SEC said it has been investigating potential compliance and security deficiencies at an SEC-registered adviser since August 2. The staff is looking into whether the firm's policies and procedures were reasonably designed to protect against the attempted or actual theft of client assets, most recently an attempt by an apparent hacker to cause the firm to wire client funds to Bielski's bank account.
The SEC has subpoenaed Bielski, requiring him to produce documents and testify. He failed to produce many of the responsive documents and does not have a credible justification for his failure to comply
This article is only available in full to Compliance Complete
North America Africa Subscribers who are logged in.
Please log in to see if you can view this content.