On Jul. 18, SEC charged advisor on risky investments for clients.
- Temenos Advisory, George Taylor, steered clients into illiquid private offerings.
- Used $19mn of clients’ money from elderly investors’, savings, pension plans.
- Concealed from clients high commissions they took from risky and unsuitable
investment recommendations, including cash, ownership in private companies.
- Fraudulently misled clients about the risks and prospects of these investments.
- Temenos and Taylor allegedly grossly over-billed some of their advisory clients.
- Complaint charges defendants for violation of anti-fraud and registration rules.
- SEC sought disgorgement of ill-gotten gains, interest, penalties and injunction.