The SEC has brought new fraud charges against an RIA who's already on the hook to pay a $48 million award to two former clients after his claim that he was not bound to serve them as a fiduciary was rejected by an arbitrator.

The SEC's allegations pertain to $40 million that Lee Dana Weiss of Newton, Mass., is said to have persuaded his clients to invest in illiquid securities issued by a number of related companies, among other charges. Weiss failed to disclose to his clients that he had an ownership interest in the parent company of the firms and received payments from them, the commission alleges in a complaint filed in U.S. District Court for the District of Massachusetts.

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