U.S. MA SD IA Conflict Disclosures

On 19 October, MA SD charged advisor for failure to disclose conflicts.

  • Charged N. Moser and Moser Capital Management on fraud, dishonest conduct.
  • Violated MA law, fiduciary duty, providing misleading information, and omission.
  • Sought to cease and desist, withdraw IA registration, prohibit advisory services.


  • From 2015, Moser and his company have induced investors by false statements.
  • Collected investments for two companies in which had personal financial interest.
  • Medical device company and cybersecurity firm, for which he was representative.
  • Did not disclose relationship, instead giving false information on both companies.
  • Omitted material facts, lied and misled about them, and violated fiduciary duties.
  • Also improperly assessed fees to a specific senior citizen's account violating duty.


  • Withdrawal of IA registration, and prohibition on exempt reporting adviser status.
  • Disgorge all proceeds, recision to all investors of fees, and an administrative fine.