A former fund advisor and RIA stands accused of "multiple breaches of fiduciary duty" and fraud violations in a case stemming from allegations that he collected more than half a million dollars in profitable trades from an omnibus account, while sticking clients — many of them elderly and unsophisticated investors — with the trades that went sour, according to a cease-and-desist order filed by the SEC.

Additionally, the commission is claiming that Laurence Balter, operating through Oracle Investment Research in Fox Island, Washington, and later Kihei, Hawaii, misled clients about the fees that he charged and the investment strategies guiding their accounts.

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