The SEC charged adviser Nicholas Mitsakos and his firm Matrix Capital Markets last week with fraud for allegedly stealing $800,000 in client funds and luring investors into his scheme with projected returns of as much as 66%.

Authorities say his boasting wasn't just limited to potential returns on investments; Mitsakos, 56, told prospective clients that his firm's AUM was $60 million at a time when the firm had no assets, according to the SEC's complaint.

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