One of Louis Martin Blazer III's professional athlete clients turned him down when Blazer asked him to invest in two movies, one about the mafia and the other titled "Sibling." That didn't stop Blazer, who went ahead and took $550,000 out of that client's account for the projects, according to the SEC.

The commission has charged the former RIA, based in Pittsburgh, with fraud and ordered him to repay the money he stole from clients. Without admitting or denying the charges, Blazer has agreed to settle the case, the SEC says.

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