Larry C. Grossman of Palm Harbor, Fla., was barred from using the designation for allegedly making misrepresentations and omissions of material fact to his investment advisory clients.
He advised them to invest in funds from which he received undisclosed referral fees, consulting fees and sales charges.
The SEC has barred this individual from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public.
According to FINRA, Grossman worked for 8 different financial planning firms in 16 yrs, in both Florida and New York state.
The SEC investigation revealed that, as a broker-dealer, Grossman targeted retirees seeking to invest their money offshore. Most of his clients were retired with self-directed IRAs.
It was later revealed that Grossman advised his clients to invest in funds managed by an individual who was not registered with the SEC, and who had been named as a defendant in a SEC fraud action.
Grossman reportedly misled clients to invest in hedge funds without adequately researching or investigating a number of red flags concerning this fund manager.
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